asked the Minister for Finance the amount approved by the Central Bank for the transfer out of the country from 1 February 1986 to date.
Written Answers. - Central Bank Exchange Controls.
16.
The exchange controls administered by the Central Bank are primarily directed at transactions of a capital nature which involve the transfer of funds out of the State. Normal trade, commercial and other current transactions are merely supervised to ensure that unauthorised exports of capital do not take place. Payments are made under a system of delegated authorities whereby commercial banks, having inspected documentation in relation to transactions, are in a position to authorise transfers without recourse to the Central Bank. Most current payments and certain capital payments, generally those up to a specified limit, do not therefore require the direct approval of the Central Bank. Details of outflows for the main capital transactions which do require Central Bank approval are as follows: Outward direct investment, for February to September 1986, £118 million; repayment of loans from non-residents, for February to August 1986, £175.3 million; outward portfolio investment, for February to August 1986, £10.1 million.