asked the Taoiseach how the figure for emigrants' remittances in the official statement of the balance of international payments, published in the Irish Trade Journal, is arrived at; and what machinery exists for checking the accuracy of the published figures.
Ceisteanna—Questions. Oral Answers. - Emigrants' Remittances.
8.
The figures for emigrants' remittances and legacies in the official statement of the balance of international payments are compiled mainly from data collected by the commercial banks and the Department of Posts and Telegraphs. The banks record the sterling equivalent of drafts, foreign currency notes, telegraphic remittances, etc., cashed or lodged with them, which are believed to have been sent by persons resident outside the State to friends or relatives resident in Ireland for no consideration, e.g. as gifts, legacies, etc. Remittances received in payment for goods or other valuable consideration, where such is apparent or known, are not included. Foreign money orders and postal orders are omitted from the banks' figures and separate particulars in respect of these items are recorded by the Department of Posts and Telegraphs. The total of all such money orders and postal orders received is included as emigrants' remittances. In addition to the figures compiled by the banks and the Department of Posts and Telegraphs a conjectural estimate of the amount of emigrants' remittances sent in the form of sterling notes through the post is also included.
It is not possible to check the accuracy of the published figures from independent sources since no other data are available.
Would the Parliamentary Secretary state whether the figure includes the remittances of migrants in addition to those of emigrants?
I presume migrants——
It includes all such remittances received from abroad in so far as it is possible to get that information.
Would the Parliamentary Secretary state how does the Department know whether it is a remittance or money for some article that the people might want? How do they know it is a remittance?
That is what the reply indicated.
It did not indicate it, with all respect to the Taoiseach.
There is no concealing the fact that there is a great deal of guesswork in the compilation.
There is a great deal of guesswork in this figure.
It is not correct up to recently in any case. Every bank, having tendered to it an American draft, asks the question whether it is a gift or for consideration. If it is for a gift there is a slightly higher exchange rate than they would get if it were for a consideration.
The Statistics Office and the people who collaborate with them in banks, post offices, and so forth, make every effort to get reliable information but the value of the figure really is the indication it gives of the trend of the payments rather than the precise amount in each case.