SSIA Windfall Predicted For Limerick Businesses
OVER £200 million is set to be released into the local economy over the next two years as the SSIA accounts come to maturity.
This represents almost 40 per cent of the total amount held in these accounts in Limerick City and County; according to Bank of Ireland's regional manager for West Munster, Gerry Reeves.
He is predicting that this will mean a windfall for a whole range of local businesses but three sectors in particular are set to be the big winners. "All sectors of the local economy will benefit but the biggest gain will be for the building and home improvement sector, the motor industry and the tourist industry-both domestic and foreign," said Mr Reeves.
A survey carried out by Bank of Ireland has shown that 80 per cent of SSIA account holders will continue to save regularly after the accounts mature, indicating that the scheme has created a saving habit among Irish people.
In Limerick city and county alone, SSIAs are worth somewhere between €550 million and €600 million. "Almost 40 Per cent· of that will be spent so it means that between £200 million and €240 million will be released into the local economy;" said Mr Reeves.
These accounts will begin to reach maturity in April but the majority will mature next year in the last three months of the scheme.
The survey shows that those people who invested in equity-based products will gain the most These cent bonus payment on they are going to have to products have performed equity investment put money aside, whether between 9 per cent and 15 products for those who they like it or not," he per cent better than other invest half the lump sum said.