Government urged to prevent €5.2bn SSIA spree

FOUR out of five people depositing money in the Government savings scheme had never saved before and financial experts predict a €5.2 billion splurge when the scheme matures.

Bank of Ireland yesterday urged the Government to avoid a spending spree with incentives to maintain or increase their savings following the conclusion of the Special Savings Incentive Accounts (SSIA).

“The first SSIAs will start maturing in May 2006 and between now and then, there is a real opportunity for the Government to build on the success of the scheme by encouraging long-term savings habits,” said Gareth McQuillan, head of marketing at Bank of Ireland Life.