asked the Minister for Finance what Ireland's relations with the International Monetary Fund are; what the Irish and the Fund's commitments are in the event of American and European bankers failing to keep the price of gold at 35 dollars an ounce; and what action Ireland can now take to cover such an eventuality.
Ceisteanna—Questions. Oral Answers. - International Monetary Fund.
33.
Ireland has been a member of the International Monetary Fund since 1957. The relationship between members and the Fund is laid down in the Articles of Agreement of the Fund which are scheduled to the Bretton Woods Agreements Act, 1957. Par values of the currencies of member countries are expressed in terms of gold and may be altered only as provided for in the Articles of Agreement. The United States Government have not sought the approval of the Fund for any change in the par value of the US dollar; on the contrary, they have repeatedly expressed their intention to maintain the present gold value of the dollar. Accordingly, I do not think it would be appropriate to discuss the question of a change in the price of gold.