Dáil Éireann Debate, Wednesday - 25 January 2006
560 Ms Shortall asked the Minister for Finance the number of SSIAs maturing in each of the months from and including May 2006 until the conclusion of the scheme; his estimate of the amounts held in SSIAs that will mature in each of these months; and if he will make a statement on the matter. [2274/06]
View answerThe Revenue Commissioners' analysis of the 2004 SSIA annual returns, which are furnished by all qualifying savings managers, provide the latest date for which detailed figures are available in relation to SSIA scheme. The total number of active accounts at 31 December 2004 was 1,094,294. The breakdown of these SSIA accounts by month of commencement is as follows:
|
Month of Commencement |
No. of SSIA accounts at end of 2004 |
% of account holders 2004 |
|
2001: May |
41,105 |
3.8 |
|
June |
81,557 |
7.4 |
|
July |
57,802 |
5.3 |
|
August |
41,214 |
3.7 |
|
September |
33,725 |
3.1 |
|
October |
34,146 |
3.1 |
|
November |
38,659 |
3.5 |
|
December |
37,871 |
3.4 |
|
2002: January |
33,460 |
3.1 |
|
February |
51,833 |
4.7 |
|
March |
99,493 |
9.1 |
|
April |
543,429 |
49.8 |
|
Total |
1,094,294 |
100 |
These statistics provide an indication of the general distribution of SSIA accounts that will mature in 2006 and 2007. As the Deputy will note, the majority of accounts will not mature until 2007. However, it is not possible to state the amount expected to be paid out by the Exchequer in each of the 12 months after the SSIAs begin to mature as the eventual cost of the scheme is subject to a number of variables including where participants voluntarily withdraw from the scheme or indeed vary their monthly contributions over the remaining period of the scheme. The cost of the scheme in 2005 was almost €600 million.
