More than one million people have invested in the Government Savings Incentive Scheme, industry sources estimated last night. Close to 40 per cent of the adult population are expected to have joined the scheme before it closes next Tuesday.

The last-minute rush to avail of the scheme, where the Government will add €1 to each €4 saved monthly for five years, has seen the take-up outstrip projections. Only last week, financial institutions were expecting no more than 37 per cent of the adult population to sign up to the accounts.

Assuming savers continue to make the same monthly contribution for the full five-year term, the scheme will cost the Exchequer some €1.5 billion over the next five years.

Some institutions, particularly the life companies, have closed their doors to new business for administrative reasons, but most banks, credit unions and post offices will accept over-the-counter applications until close of business on Tuesday, April 30th.

People leaving their ap