Joe Sherlock (Cork East, Labour)
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Question 62: To ask the Minister for Finance the number of special savings investment scheme accounts opened at the latest date for which figures are available; the average amount of savings per investor per month; the likely cost to the Exchequer of the specials savings investment scheme on the basis of such figures; and if he will make a statement on the matter. [2492/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that the 2004 SSIA annual returns are being furnished at present by all qualifying savings managers. The closing date for submission of these returns is 28 February 2005. Consequently, the latest date for which figures are available is for the year 2003.

Based on these 2003 annual returns furnished by all qualifying savings managers, I am informed by the Revenue Commissioners that 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 2004 was €548 million. The estimated cost in 2005 is €560 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.