Seán Ryan (Dublin North, Labour)
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Question 124: To ask the Minister for Finance the number of special savings investment accounts opened at the latest date for which figures are available; the average amount of savings per investor per month; on the basis of such figures, the definitive figure for the likely cost to the Exchequer of the scheme; and if he will make a statement on the matter. [29867/04]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that, based on the analysis of the 2003 returns furnished by all qualifying savings managers, the total number of active accounts at 31 December 2003 was 1,113,880 and the average monthly subscription at that date was €165.

As indicated in replies to previous questions, it is not possible to give a definitive answer as to the eventual cost of the scheme as it is subject to a number of variables such as participants dying, withdrawing from the scheme or varying their monthly contributions. The cost of the scheme in 2003 was €531.9 million. If the current average monthly payment for the first ten months of 2004 continues for a full year, the annual cost in 2004 would be approximately €545 million. This, however, is not a conclusive figure, and the final figure may be different if account holders change their monthly contributions. The total gross cost over the period of the scheme will be reduced by the exit tax to be received at the end.