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delboypass

Special Savings Incentive Account (ssia)

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Just read about this saving device on BBC news.

How come the Irish are getting it so easy??

Guaranteed return of 25%

SSIA on BBC News

SSIAs are good for you, because.. SSIAs are good for you because the government is giving away free cash. The government is so keen for you to save they have decided to give you €1.27 (£1) for every €5.08 (£4) you save. Not bad when you consider that it is a guaranteed return of 25% on every euro.

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Just read about this saving device on BBC news.

How come the Irish are getting it so easy?

Guaranteed return of 25%

SSIA on BBC News

This was a savings scheme from 2001/2002 and which is now coming to maturity. It was like a turbo-charged TESSA/ISA which the government contributed to (plus tax exemption until the account matures). Like ISAs, the money could be held in a diverse range of investments - not just cash deposits - and some people may not get back what they expected.

It is extremely unwise to release large amounts of cash into an economy at once - they should have more incentives to keep it where it is rather than spend it. Much of the money is expected to be injected into housing (of course!); http://www2.myhome.ie/advice_news/article_...=0&news_id=1894

A rather better wheeze that the Irish government got up to at that time was the setting aside of a few billion euro for future pension provision; http://www.budget.gov.ie/2001/Chapter2.asp

Ireland will continue to set aside further substantial sums of not less than 1% of GNP annually, to pre-fund pensions liabilities (the National Pensions Reserve Fund already has assets of almost (IR) £5.05 billion (€6.4 billion) or 7.4% of GNP)

And its value five years later?

The Fund's value at end March 2006 EUR16,612 million

Edit: Neglected to mention the 23% exit tax payable on the SSIA gain.

Edited by ciderpunk

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That's fine, provided all that government revenue isn't derived from property transactions, taxes resulting from a construction and debt fueled boom... err, it's not, is it? :unsure:

Edited by BuyingBear

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I heard about this on the radio

This would i guess cause a boom in consumer goods

Like what happened to halifax when it floated - electronics goods saw a boom

I would probably also agree some of the money would also go in to property. Maybe they should borrow the money and buy now, before everyone else jumps in and prices shoot up briefly <_<

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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