Lenihan vouches for new Christmas savings scheme

MINISTER FOR Finance Brian Lenihan took some time out from his budget calculations yesterday morning to launch the One4all Smart Planner Christmas savings product from Michael Dawson’s Gift Voucher Shop (GVS).

Dawson told attendees at the breakfast launch in the Merrion Hotel that he sold the gig to the Minister on the basis that he had “a great savings idea” for him.

“He said galloping horses wouldn’t keep him away.”

Dawson’s plan involves workers saving regularly each month for Christmas. The savings are converted at the end of November into vouchers that can be used with retailers such as Superquinn, Champion Sports, Brown Thomas, Argos and Harvey Norman.

GVS will also assign a prize bond for every €25 put away, with the saver getting any windfalls from the weekly draws.

GVS has designed a product that will allow companies to offer the savings plan to staff without having the hassle of managing it. The funds will be held in a separate trust fund.

Dawson has already signed up eight companies and reckons the savings scheme could generate up to €20 million in sales for retailers if employers and workers buy into it.

Dawson has a similar product up and running with the UK Post Office. He is also looking at entering the Spanish market with GVS.

Lenihan said the recent return to “thrift and frugality” should benefit Dawson’s savings plan.

He also said his comments about shoppers in the Republic doing their patriotic duty by not travelling north of the Border for bargains had been taken out of context.

He said it should be seen as “enlightened self-interest” that we “support ourselves” and the local economy by shopping locally.

Here’s hoping next month’s hairshirt budget doesn’t undermine that sentiment.