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Dáil Éireann debate -
Wednesday, 19 Jun 2002

Vol. 553 No. 3

Written Answers. - Special Savings Incentive Scheme.

Paul McGrath

Question:

58 Mr. P. McGrath asked the Minister for Finance the number of people per month who joined the special savings scheme since its inception; the total amount invested per month; the cost to the Exchequer per month of providing the 25% top-up on these investments; the projected annual cost to the Exchequer if these investors remain in the scheme for its duration; and if he will make a statement on the matter. [13942/02]

There are no figures available yet for the number of people per month who joined the special savings scheme since its inception. There are two figures available for the numbers of special savings incentive accounts as at 31 December 2001 and 30 April 2002, respectively. The number of accounts held by all qualified savings managers on 31 December 2001 was of the order of 390,000 and on 30 April it was 1,170,208. The figure for 31 December 2001 is subject to final confirmation by the Revenue Commissioners on completion of the analysis of the 2001 annual returns which is currently in progress.

The total subscription and Exchequer contribution for each month are as follows:

Subscription

Exchequer Contribution

€m

€m

2001

May

7.8

2.0

June

24.6

6.1

July

36.7

9.1

August

44.0

11.0

September

50.4

12.6

October

57.2

14.2

November

64.4

16.0

December

71.5

17.8

2002

January

78.0

19.3

February

85.8

21.3

March

102.1

25.3

April

173.5

43.1

*The Exchequer contribution is made on a month behind basis, that is the contribution for April is paid in May.
The scheme was closed to new applicants on 30 April 2002. On that basis, the projected cost of the scheme based on the assumptions that all the investors as of 30 April remain in the scheme, investors do not vary their monthly payments and there are no investor deaths, would amount to €429 million in 2002 and €517 million in a full year.
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