Ciarán Cuffe
Question:67 Mr. Cuffe asked the Minister for Finance if he will report on the special savings investment accounts. [12964/04]
View answerThursday, 6 May 2004
Questions (76, 77)
Ruairí Quinn
Question:70 Mr. Quinn asked the Minister for Finance the number of SSIAs opened at the latest date for which figures are available; the average amount of savings per investor per month; and the likely cost to the Exchequer of the scheme on the basis of such figures. [13000/04]
View answerWritten answers
I propose to take Questions Nos. 67 and 70 together.
I am informed by the Revenue Commissioners that, based on the analysis of the 2003 returns and declarations furnished to date by all qualifying savings managers, the total number of active accounts at 31 December 2003 was 1,113,317. The average monthly subscription at that date was €165. Revisions may be necessary if amendments are received at a later date.
It is not possible to give a definitive answer as to the eventual cost of the scheme as it is subject to a number of variables such as participants dying, withdrawing from the scheme or varying their monthly contributions. The cost of the scheme in 2003 was €531.9 million. If the current average monthly payment for the first four months of 2004 continues for a full year the annual cost in 2004 will be approximately €540 million. It is not a conclusive figure and the final figure may be different if account holders change their monthly contributions. The total gross cost for the period will be reduced by the exit tax to be received at the end.