asked the Minister for Finance whether it is now permissible for an Irish citizen to buy foreign securities other than sterling investments, and, if so, whether he will indicate the range (in terms of domicile) of the securities which it is permissible to buy; or, if it is not so permissible, whether he will state the grounds on which Irish citizens are prohibited from dealing in foreign securities.
Ceisteanna—Questions. Oral Answers. - Purchase of Foreign Securities.
There is no specific restriction on the purchase of foreign securities other than sterling investments but in practice it is difficult for an Irish citizen to acquire them as permission is not given for the making of any payment for their purchase, except to another Irish citizen. The second part of the question does not arise. In regard to the last part of the question the Deputy will appreciate that the amount of foreign exchange which it is possible to acquire is limited and consequently that such exchange must be conserved for the purchase of essential imports. Even if it were possible to purchase these securities with Irish currency the export of such currency for any but essential purposes could not be allowed since it would tend to depreciate its value abroad and consequently to increase the cost of imports of necessary commodities.