The Minister for Finance has ruled out the return of an SSIA style savings scheme in next month’s budget.

The scheme launched by then-Finance Minister Charlie McCreevy more than 17 years ago encouraged the public to save money over a five year period.

The scheme was topped up by the Exchequer – offering taxpayers €1 for every €4 they lodged into the special accounts.

The Governor of the Central Bank Philip Lane recently suggested that a similar scheme could be used to prevent the economy from overheating if it continues to grow quickly.

However, this afternoon the Finance Minister Paschal Donohoe said it was not something he would be doing in this budget.

Earlier this month, the Taoiseach said the Government would consider a similar scheme but said it would mature over a longer period and would be used to encourage people to save more for their pensions.

At the time, Minister Donohoe said the plan “stretches beyond decisions that you can make on Budget Day” – but said it could happen in the months after.