Michael Lowry (Tipperary North, Independent)
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Question 129: To ask the Minister for Finance if plans exist within his Department to launch a new savings scheme similar to the SSIA scheme; the reason for this decision; and if he will make a statement on the matter. [10904/07]

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 mature between May 2006 and April 2007. 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. The findings of various surveys undertaken domestically would tend to suggest that, upon maturity, a large portion of the existing SSIA funds will continue to be saved. Therefore, there is much less need or justification to introduce a new tax-based savings scheme and I am not convinced that a further SSIA type scheme is the appropriate way forward.