Question:
22 Dr. Upton asked the Minister for Finance the level of take up in respect of the SAYE scheme introduced in the Finance Act, 1999; and if he will make a statement on the matter. [22699/99]
Written Answers. - SAYE Scheme.
As the Deputy may be aware there are two elements to a SAYE scheme, an approved savings-related share option scheme and a certified contractual savings scheme.
Under the share option scheme a company can grant an employee an option to purchase shares in the company at a pre-determined price, which cannot be less than 75 of the market value of the shares. The contractual savings scheme allows the employee to save towards the cost of those shares and I am advised by the Revenue Commissioners that they have, to date, certified three separate financial institutions to hold relevant deposits under these schemes.
I am also advised by the Revenue Commissioners that to date, four companies have received formal approval to operate an SAYE scheme. In addition, 32 companies have submitted preliminary documentation to the Revenue Commissioners for consideration and these are being examined. A considerable number of telephone inquiries from companies interested in setting up an SAYE scheme have also been received by the Revenue Commissioners.
Deputies will appreciate that the legislation governing the SAYE scheme was passed only in the 1999 Finance Act and that, accordingly, it may be too early at this stage to reach any conclusions on the operation of the scheme. However, I can assure the House that the position will be looked at in the context of future Finance Bills.