Vol. 562 No. 1
186 Ms O'Sullivan asked 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 can give a definite figure for the likely cost to the Exchequer of the specials savings investment scheme; and if he will make a statement on the matter. [5375/03]
The latest date for which figures are available for the number of special saving incentive accounts, SSIA, opened is 30 April 2002. The total number of accounts that had commenced by that date was 1,170,208. Details of the number of active accounts on the 31 December 2002 will shortly be available when all SSIA managers submit the 2002 annual return. The due date for submission of this return to the Revenue Commissioners is 28 February 2003. The current average subscription per month is not available as the savings managers only make a detailed return once a year as indicated. However, the average monthly subscription at 30 April 2002 was €148.
It is impossible to give a definitive answer as to the eventual cost of the scheme as it is subject to a number of variables such as where participants die, withdraw from the scheme or vary their monthly contributions. The most recent monthly figures available in respect of the scheme are the subscriptions to 31 December 2002. The tax credit payout made in January 2003 in respect of December 2002 was €44.4 million, which if continued for a full year would give an annual cost in 2003 of approximately €535 million. This, however, is not a conclusive figure, and the final figure may be higher than that, if account holders increase their monthly contributions.
