Seán Ryan (Dublin North, Labour)
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Question 123: To ask the Minister for Finance if he intends to issue directives or guidelines to the financial institutions or credit unions to ensure that approximately 1.1 million SSIA holders complete and return the SSIA4 form at maturing date; the considerations which are being made for older persons who are living alone, the sick or persons who have moved into a nursing home or institution to ensure that they will not lose out; and if he will make a statement on the matter. [13830/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Special savings incentive accounts, SSIAs, will mature between 31 May 2006 and 30 April 2007 depending on when the account was originally opened. In order for an account to be matured, the account holder will be required to make a maturity declaration on an SSIA4 form to his or her financial institution at any time within a period of three months ending on the maturity date. The declaration will simply confirm that at all times in the period from which the SSIA was commenced until the declaration is made, the saver complied with the terms and conditions of the scheme under the provisions of the Taxes Consolidation Act 1997 as inserted by section 33 of the Finance Act 2001. The earliest date on which a maturity form will be needed is 1 March 2006.

I am advised by the Revenue Commissioners that they have arranged that the financial institutions will issue the SSIA4 forms to account holders and that discussions are ongoing with these institutions to finalise SSIA maturity guidelines and to ensure that these guidelines will be implemented in an efficient and practical manner. The objective of these guidelines and their implementation will be to ensure that all SSIA holders are aware of the maturity procedures required to get full benefits from their SSIA. Issues arising from situations where financial institutions cannot contact account holders are being considered as part of these discussions. It is intended that the guidelines will issue well in advance of March 2006.