Call for SSIA to be altered

A LEADING economist last night urged the Government to alter the Special Savings Incentive Account scheme ((SSIA)) as the country’s financial troubles worsen.

AIB economist Oliver Mangan wants Finance Minister Charlie McCreevy to urgently change the scheme because it’s crippling the state’s finances, he says.

The saving scheme that pays €1 for every €4 saved is costing €550m a year despite a projected annual cost of only €120m.