asked the Minister for Finance if he will increase the maximum investment allowed under the index-linked savings scheme, having regard to the effects of inflation and the reduction in interest rates on the incomes of many persons of advancing years.
Ceisteanna—Questions. Oral Answers. - Index-linked Savings Scheme.
33.
An increase in the maximum investment under the scheme is not contemplated at present, but I will review the matter from time to time. Persons eligible to purchase the bonds may also, of course, participate in the National Instalment Saving Scheme.
Is the Minister aware that there are people who have retired on fixed pensions who are not in receipt of any money under the social welfare code and whose only opportunity of getting any income over and above their fixed pension is as a result of savings during their working lives?
I accept that.
In present circumstances the income from these savings in normal fields of investment is being eroded as a result of inflation. Will the Minister accept that at least in cases of that kind there is a very strong case for increasing the amount which persons over 65 years may invest in the index-linked savings scheme?
I do not accept that. The position is that persons eligible to purchase bonds have available to them the National Instalment Saving Scheme.
That does not protect them against inflation. I would urge the Minister very strongly to convey to the Minister for Finance the necessity of examining this matter closely and very soon.
I will do that. For the information of the Deputy I would add that in a similar scheme in Britain an exactly similar sum is allowed.