asked the Minister for Finance if he will state whether the gold holding of the Currency Commission is valued at gold standard parity or at market value.
Ceisteanna—Questions. Oral Answers. - Currency Commission Gold Holding.
The gold holding of the Currency Commission is valued in the first instance at cost and is afterwards subject to half-yearly valuation at market value under the Currency Acts, 1927 and 1930.
asked the Minister for Finance if he will state what is the policy of (a) the Currency Commission and (b) the Government in regard to a gold backing for Irish currency.
The legal position in this country is that the Currency Commission is entrusted, under the Currency Acts, 1927 and 1930, with statutory functions in regard to the assets which it shall carry in the Legal Tender Note Fund and is endowed, under Section 61 of the Currency Act, 1927, with absolute discretion in conducting transactions in gold and other permissible investments as the circumstances may seem to it to require from time to time. For obvious reasons, the commission is not in a position to limit the exercise of this discretion by any statement in advance.