Vol. 564 No. 5
85 Mr. S. Ryan asked the Minister for Finance the number of special savings investment scheme accounts opened at 31 December 2002, based on the annual returns for 2002 made by SSIA managers; 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 special savings investment scheme; and if he will make a statement on the matter. [9737/03]
The 2002 annual returns by all special savings incentive account – SSIA – managers, which were due for submission to the Revenue Commissioners by 28 February 2003, are at present being analysed by them. However, in the meantime, I am informed by the Revenue Commissioners that, based on manual declarations made by all qualifying savings managers at 31 December 2002, the total number of active accounts at 31 December 2002 was 1,147,962, as compared to 1,170,208 at 30 April 2002, a reduction of 26,246. Also, the average subscription per month at 31 December 2002, as derived from these manual declarations, was €158. These figures are based on information provided to date by all qualifying saving managers in their 2002 declarations and revisions may be necessary if amendments to those declarations are received at a later date.
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 or where they withdraw from the scheme or vary their monthly contributions. The most recent monthly figures available in respect of the scheme are the subscriptions to 28 February 2003. The monthly tax credit pay-out made in March 2003 was €44.1 million. It should be pointed out, however, that this is lower than the figures for January and February 2003 and the reduction is mainly due to adjustments made in respect of January 2003 claims by some financial institutions. On that basis, if the current average monthly payment for the first three months of 2003 continues for the full year, the annual cost in 2003 would be approximately €530 million. This, however, is not a conclusive figure, and the final figure may be higher than that, if account holders increase their monthly contributions.
