State Savings Schemes
Dail Éireann — 2026-04-21
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Simon Harris (FG), Wicklow

I thank Deputy Nash very much. The starting point here, on which many of us agree, is that Ireland does not have a sufficiently diversified savings and investment culture. I am quite conscious that we are having this conversation against the backdrop of significant economic challenges for people right now. I fully get that. However, even against that backdrop, I am also quite conscious that there is a lot of money on deposit in Ireland today. Even this week people are putting relatively small amounts of money aside to try to build up their own buffers insofar as they can for the times ahead. A lot of them are in low-yield deposit accounts where inflation is eroding their value over time. That is just the truth. Deposit accounts are right for many people. I understand the role deposit accounts have to play, and for many will be their source for putting money by for a later date, but they should not be the only practical option. Investment in capital markets can offer households another path to long-term financial well-being. It can also support growth and competitiveness in the wider economy. I have announced the Government's intention to introduce a legislative framework for an investment account this year as part of the finance Bill. We want to make investment simpler, clearer and more accessible for ordinary people. We want to help to make some of their hard-earned money work harder for them over time. The aim is to legislate for the framework in 2026 to allow for accounts to be offered from 2027, but it will also be a key part of a broader rethink of the taxation of retail investment. I would welcome the views of Deputy Nash and others in relation to that.
In recognition of the importance of encouraging retail investment, budget 2026 did provide for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38%. In addition, the budget also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future finance Bills. The roadmap will be published in the coming months in advance of the budget. It will take into consideration developments at an EU level in respect of a savings and investments union, including the recommendation on savings and investment accounts. The actual cost of this in the initial years will depend on the specific parameters of the account. That work is still ongoing and costs will be prepared as part of the budget process.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2026-04-21/debate/main
Retrieved: 2026-09-21T01:01:08+00:00
Sitting date: 2026-04-21