Irish Examiner view: Investment scheme's allure dampened by past losses

Finance minister Simon Harris has talked of the €170bn which savers have lying idle in low or no-interest accounts, money that could be put to better use by being invested. File picture: Stephen Collins/Collins

The much-anticipated Savings and Investment Forum convenes on Tuesday to begin considering what sort of savings/investment scheme might be devised to persuade Irish people to take some of their savings out of low-interest deposit and current accounts and invest in a way that would put their money to use, and give them some return on their money.

Not since the Special Savings Incentive Account (SSIA) scheme was launched 25 years ago has there been such interest in what we all do with the money we have left after the bills are paid. Back then, more than 1.1m people signed up for an SSIA, which allowed them save up to €254 a month with a guarantee of a tax-free 25% top-up by the exchequer after five years. As a mechanism for getting more people to save, it worked.