Ibec's McCoy calls for 'new SSIA-type scheme' to promote savings

The idea of promoting savings to cool the economy during times of rapid economic expansion has been revisited by Danny McCoy, the head of business group Ibec.

The Special Saving Incentive Account (SSIA) scheme was introduced in 2001 but was criticised at the same as being too expensive and ill-timed — with an estimated €16bn in accumulated savings subsequently released into an already overheating economy.