Mary Upton (Dublin South Central, Labour)
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Question 95: 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; if, on the basis of such figures, his Department will give a figure for likely cost to the Exchequer of the specials savings investment scheme; when the first payments will become due; the amount expected to be paid out by the Exchequer in each of the first 12 months after the SSIAs mature; and if he will make a statement on the matter. [7890/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am informed by the Revenue Commissioners that all qualifying savings managers are furnishing their 2005 SSIA annual returns at present. Revenue will shortly begin analysing these returns and it is expected that final details of this analysis will be available at the end of April 2006.

All qualifying savings managers have, in advance of the annual return, provided a declaration indicating the number of active accounts held at 31 December 2005. Based on these declarations, I am informed by the Revenue Commissioners that the total number of active accounts at 31 December 2005 was 1,082,265 and the average monthly subscription was €196. The cost of the scheme in 2005 was €597.4 million.

The first SSIAs commenced in May 2001 and will mature at the end of May 2006. 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 including where participants voluntarily withdraw from the scheme or vary their monthly contributions over the remaining period of the scheme. For this reason also, it is not possible to state the cost to the Exchequer in each of the 12 months after the SSIAs begin to mature in May 2006.

As the Deputy will be aware, it is the financial institutions which will pay out funds, including the Exchequer top up, to account holders.