TDs hit out at savings scheme funding for schools

Opposition TDs have slammed plans to plough cash from Special Savings Investment Accounts into schools as “waffle” and “bar stool economics”.

Opposition TDs have slammed plans to plough cash from Special Savings Investment Accounts (SSIAs) into schools as “waffle” and “bar stool economics”.

Education minister Noel Dempsey suggested that part of the €14bn windfall could be invested in a bond scheme to fund his €2.5bn School Modernisation Programme.

He said that when the SSIA issue came up at Cabinet level he would outline to the Department of Finance that account holders could be invited to fund the five-year school building programme when the SSIA scheme matures in 2006/2007.

He said: “It’s not a proposal but it’s an idea worth following up.”

“If people are given some encouragement they would be more than willing to leave the money in for something as worthy as a school modernisation fund.”

However Labour described Minister Dempsey’s suggestion as his “first ministerial solo-run in the post-McCreevy era”.

Finance spokesperson Joan Burton said: “He is not a one-man think-tank but a Government minister with responsibility for education.”

Fine Gael described the idea as “well-intentioned” but that it was “borrowing under another name”.

Finance spokesman Richard Bruton said: “This is bar stool economics.

“We have already seen Minister Dempsey come up with the idea to charge students at Third Level.

“Maybe his new idea is to charge pupils at primary and secondary level too to pay for their own schools.”