Savings scheme set for review

THE Government has conceded for the first time that the special savings scheme could be reviewed in the face of stormy economic conditions.

Transport Minister Seamus Brennan said yesterday the five-year initiative, which will cost the State around 2.4 billion euro, could be reviewed if necessary. Finance Minister Charlie McCreevy has repeatedly ruled out any suggestion that the scheme that 1.27 million people have signed up could be stalled.

Mr Brennan said: “It can be reviewed as we go forward ... but a scheme with over a million savers isn’t one that you would tamper with lightly.”