Plan to net €500m for national stadium

A NOVEL scheme to raise €500 million to build a new national stadium using the Special Saving Investment Scheme is to be studied by Finance Minister Charlie McCreevy and Arts, Sport and Tourism Minister John O’Donoghue.

Financial and management consultant Eddie Hobbs says that if a fraction of the 1.2 million holders of SSIA accounts agreed to switch their savings to a new investment product then €500 million or even more could be raised to fund the development of a national stadium.

Mr Hobbs, who has received undertakings from both ministers that they will study the scheme, said the project has the added value to the Government in that it should not impact on the EU Stability and Growth Pact which limits government borrowing.