The Fine Gael spokesman on finance warned that the money released from the special savings incentive scheme (SSIA) could lead to economic chaos.
Mr Richard Bruton claimed every economic expert around the city had estimated that about 17 billion euro would be released in a 12-month period.
"This has the potential to dramatically destabilise the economy if it is spent on imports of yachts and BMWs. The Minister needs to signal that money such as this should be invested in PRSAs to provide for future pensions, or used to support those who need to save to get houses of their own."
The Minister for Finance, Mr McCreevy, said he would take Mr Bruton's views into account. "Prior to establishing this scheme in April 2002, I received considerable advice from commentators and Opposition members that it would not be a success and that people would not invest in it.
"I based my thinking on the fact that people make rational and sane decisions. When looking at the outcome of the scheme, I will base my thinking on the fact that people make sane and sensible decisions, as do the majority of people.
"That is the pragmatic approach I have taken to schemes such as SSIAs, pensions etc."
Earlier, Mr McCreevy insisted that it was not possible to give an estimate of the aggregate value of money which would be released from the SSIA accounts when they matured, as the scheme still had two to three years to run.
His Department is keeping the economic impact under review, he said
