Vol. 567 No. 6
69 Mr. S. Ryan 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. [14657/03]
I am informed by the Revenue Commissioners that, based on declarations made by all qualifying savings managers at 31 December 2002, the total number of active accounts at 31 December 2002 was 1,143,962 and the average monthly subscription at 31 December 2002 was €158.
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 March 2003. The monthly tax credit payout made in April 2003 was €44 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 four months of 2003 continues for the full year, the annual cost in 2003 would be approximately €530 million. This is not a conclusive figure, however, and the final figure may be different than that if account holders change their monthly contributions.
