SSIAs to fuel 6% economy hike

GROWTH forecasts for the economy have been increased by a full 1% to 6% by Davy Stockbrokers as over €5 billion of SSIA money is set to be unleashed on the economy.

Overall one million savers have chalked up €16bn in SSIA accounts and, starting next month, the accounts start to mature.

Davy chief economist Robbie Kelleher reckons that up to 35% (slightly over €5bn) will be splashed out on DIY, cars, holidays and other consumer goods. He reckons the remainder of the cash bonanza will be used to pay down debt or reinvested as savings.