Joe Costello (Dublin Central, Labour)
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Question 125: 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 provide a figure for the likely cost to the Exchequer of the special 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 SSIA matures; and if he will make a statement on the matter. [19282/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that based on preliminary declarations by all qualifying savings managers, the total number of active accounts at 31 December 2005 was 1,082,265 and the average monthly subscription was €196. This is the latest date for which figures are available. The Revenue Commissioners are currently processing SSIA details supplied by financial institutions in their 2005 annual returns. When this processing is complete the analysis of the returns will commence and it is expected to have the results available by the end of June 2006.

The net cost of the scheme in 2005 was €597.4m, with a cumulative cost of €2,181m for all years to end 2005. The cost of the scheme in the first four months of 2006 was €211.1m. 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 over the remaining period of the scheme, including where participants voluntarily withdraw from the scheme or vary their monthly contributions over the remainder of the scheme.

The first SSIAs commenced in May 2001 and will mature at the end of May 2006. For the reasons stated above, it is not possible to state the cost to the Exchequer of the scheme in each of the 12 months after the SSIAs begin to mature.