Jan O'Sullivan (Limerick East, Labour)
Link to this: Individually | In context

Question 56: To ask the Minister for Finance if the Government has plans to encourage the productive use of money that will be released into the economy when the SSIAs mature; if there are plans for any further scheme to encourage saving; and if he will make a statement on the matter. [7195/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

The SSIA scheme opened on 1 May 2001 and entry to it closed on 30 April 2002. The accounts are due to mature between May 2006 and April 2007 at the end of the five-year period. A total of 1.17 million accounts were opened during the period outlined.

The specific goal of the SSIA scheme was to encourage people to save over a period of at least five years. Its effect has been to stimulate such savings over varying income ranges as evident in the extensive take-up by many low-income earners. The scheme has been a success in those terms.

The scheme has a specific duration. Any proposals for new savings schemes to replace the SSIA scheme would be considered as part of the normal annual budgetary process taking account of public policy objectives and Exchequer cost implications. The use to which the moneys arising on maturity of the SSIAs are put is ultimately a matter for the individual account holder.