Madam, - In the cold light of a January day, 15 months before the eventuality arises, I would be glad of wise and learned counsel. Our Special Savings Investment Account, along, it would appear, with those of many other people, is due to mature in April 2007. Like many others, much of the amount we have invested is in equities.
In order to make cash payments to investors when the SSIAs mature, I assume the financial institutions will have to sell the very substantial equity holdings that have built up during the lifetime of the scheme.
The sudden availability of huge numbers of shares on the stock market would, I presume, have a depressing effect upon share prices, leading to lower maturity values than SSIA holders might have anticipated.
I would be grateful if someone would enlighten me as to how much of the current buoyancy in the Irish stock market is due to the considerable amounts of SSIA money being invested, as people put as much as possible into their accounts in the run-up to maturity, and how much the stock market might drop, and how badly SSIA equity unit prices might be affected, as the market becomes awash with shares in April 2007. - Yours, etc,
IAN POULTON, Killiney Avenue, Killiney, Co Dublin.