SPECIAL SAVINGS INCENTIVE ACCOUNT

A 'Special Saving Incentive Account' (SSIA) is a type of interest-bearing account in the Republic of Ireland. These accounts were available to open between 1 May 2001 and 30 April 2002, and featured a state-provided top-up of 25% of the sum deposited. The SSIA was structured so that the government contributed one euro for every four invested by the account holder. The maximum contribution is €254 per month. For deposit account SSIAs, banks paid interest on top of the government bonus and principal accumulated. Equity SSIAs were also available to investors seeking higher returns than the state-guaranteed minimum of 25%. The scheme, which was restricted to those over eighteen, was most popular among middle-income earners. All SSIAs mature five years from the date of opening.
Opposition parties have questioned the effectiveness of the scheme in dampening inflation (running at 7% at its peak) and also the timing of the maturities, which they claimed would benefit the government at the 2007 general election.