Dáil Éireann Debate, Wednesday - 1 June 2005
25 Mr. Wall asked the Minister for Finance the number of special savings incentive 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 any such figures, his Department will give a figure for the likely cost to the Exchequer of the special savings incentive scheme; and if he will make a statement on the matter. [18299/05]
View answerI am informed by the Revenue Commissioners that, based on the 2004 SSIA annual returns furnished by all qualifying savings managers, the total number of active accounts at 31 December 2004 was 1,094,294 and the average monthly subscription was €175 at that date. Fuller details of the SSIA position after end 2004 will be published on my Department's website shortly.
As indicated in replies to previous parliamentary questions, 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 2004 was €548 million. The estimated cost in 2005, based on the average tax credit payout in the first four months of 2005, is €576 million. This, however, is not a conclusive figure, and the final figure may be different if account holders change their monthly contributions. The total gross cost over the period of the scheme will be reduced by the exit tax to be received at the end.
