Ireland could see £11bn windfall

Savers in Ireland could celebrate a £13,000 windfall each

Over a million people in the Republic of Ireland could benefit from a £11bn windfall (16bn euros) from a saving scheme set to mature at the end of May.

More than half of the country's adult population own a Special Savings Incentive Account (SSIA), which was launched five years ago in May 2001.

Many of those who regularly put money into the government scheme since it started could get up to £13,000 each.

Ireland's finance minister said the scheme has helped more people save.

Easily understood

"It worked because it was simple. It was easily understood," said Brian Cowen, the Irish finance minister.

In total 1.3 million people hold an SSIA.

For every amount placed in the special savings account, a further 25% was contributed by the exchequer and deposited directly to the recipient's account.

In effect, this meant for every 4 euros saved each month, an additional 1 euro was deposited, making it a generous scheme.

"There was a constituency of people out there who never looked upon something like this as being for them - who now see it as very much in their own interest," said Mr Cowen.

Individuals could put in a maximum monthly subscription of £174.