Call for saving scheme deposit cap

THE Government should curb the Special Savings Incentive Scheme (SSIA) by capping savers’ monthly contributions and ending penalties for withdrawals, Fine Gael leader Enda Kenny said yesterday.

The move to limit taxpayers’ liabilities under the scheme, which is set to cost over €500 million per year, is one of a number of FG proposals to correct a disastrous public finance situation in the run-up to the Budget.

Mr Kenny said Finance Minister Charlie McCreevy should apologise and resign having turned a surplus of €4.8 billion into a 1bn deficit in just 22 months.