Denis Naughten
Ceist:453 Mr. Naughten asked the Minister for Finance the State contributions set aside and already paid for each of the five years of the Government savings schemes; and if he will make a statement on the matter. [17328/02]
Written Answers. - Special Savings Incentive Scheme.
The SSIA scheme came into operation in May 2001. The Exchequer contribution in respect of each month is paid in the following month on the basis of amounts claimed by the qualified savings managers concerned. The total amount paid out in 2001 was €71 million and the total amount paid out so far this year is €302.4 million.
The expected cost to the Exchequer in 2002 is of the order of €435 million on the basis that the level of investment in the most recent month for which figures are available broadly continues. As the scheme did not close until the end of April, and more new accounts were being opened in the first four months of this year, the full year cost will be greater than the 2002 cost. The expected full year cost is of the order of €525 million. The cost of the scheme is affected where participants die, withdraw from the scheme or vary their monthly contributions. The expected costs provided above assume that these variations will broadly cancel each other out.
Question No. 454 answered with Question No. 452.