asked the Minister for Finance if he is now in a position to state: (a) the arrangements made with the British authorities to enable portion of our accrued sterling assets to be converted into other currencies for the purposes of paying for goods purchased outside the sterling area; (b) the total value of our purchases, outside the sterling area, during the first nine months of the present year; and (c) the total amount of our income, under various headings from the dollar area.
Ceisteanna—Questions. Oral Answers. - Purchases Outside Sterling Area.
Mr. Corish
Since the institution of exchange control in Britain in September, 1939, the British authorities have made available to us, against payment in sterling, the foreign exchange necessary to meet payments for such goods and services supplied from outside the sterling area as the Irish authorities regarded as essential requirements. This arrangement has applied irrespective of whether the sterling so converted into foreign exchange was derived from current earnings or accumulated balances. The extent to which such conversion can take place in future has been the subject of discussion at the recent Sterling Area Conference in London, and the Government is at present considering the report of its representatives at the conference. I am not, at the moment, in a position to make any further statement on the matter.
The total value of our purchases outside the sterling area during the first nine months of the present year is not yet known, but the value of such purchases for the first eight months is approximately £39,800,000.
The total amount of our income from the dollar area for the first nine months of the present year is estimated at $24,000,000, representing mainly emigrants' remittances and tourists' expenditure; not more than $1,000,000 can be attributed to exports from this country.
Does that indicate the necessity for a loan?