David Stanton (Cork East, Fine Gael)
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Question 136: To ask the Minister for Finance if he is considering a new product to encourage people to continue saving after the special savings incentive accounts begin to mature in 2006; and if he will make a statement on the matter. [24469/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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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 which is 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.