asked the Minister for Finance if Ireland was represented at the meeting of the International Monetary Fund at Washington from the 30th September to 6th October, 1969; if so, by whom; the cost of such representation; the number of nations subscribing to the IMF; and if he has any statement to make regarding the outcome of the conference.
Ceisteanna—Questions. Oral Answers. - IMF Meeting
60.
Ireland was represented at the recent annual meeting of the International Monetary Fund in Washington by the governor of the Central Bank of Ireland in his capacity as alternate governor for Ireland in the fund. The full cost of his attendance at the meeting was borne by the fund. The fund had a total of 112 members as of 22nd September, 1969.
The meeting was the regular annual meeting of the board of governors of the International Monetary Fund at which the business of the fund is considered and general discussions take place on the international monetary situation. On this occasion some important decisions bearing on international liquidity were taken. The governors approved the proposal to begin allocation of special drawing rights on 1st January, 1970, and authorised a general review of members' quotas, which it is expected will result in an increase in the fund's resources. The meeting also discussed the problems of adjustments in exchange rates and the various points made will provide a basis for study by the staff of the fund of the possibilities of achieving some degree of flexibility in exchange rates.
Can the Minister tell us what is our quota and shall we be drawing after 1st January?
We are creditors of the fund at the moment. We have an asset with the fund, over and above our quota. I am sure the Deputy is bitterly disappointed to hear that and it is so.
Not at all.
Will the Minister give a few bob to the Minister for Local Government so that he will have something to spend?
What does the Minister understand by the term "paper gold"?
For the edification of the learned doctor of economics, "paper gold" is a term used by journalists and others to describe the proposed new special drawing rights which will come into operation on 1st January, 1970.
Will the Minister give more money for housing——
Will the Deputy give way to his leader?
The Minister has said we have plenty of money in the fund. We have plenty of foreign assets, say in Great Britain, but still we cannot even build houses and give more employment before Christmas. Will the Minister explain that?
The Minister says there are plenty of houses.
We are building houses at a faster rate than ever in our history.
Does the Minister not agree with me that the two words "paper gold" are a contradiction, that those two words contradict one another?
It was a nice handy phrase which was derived by those people who wanted to denigrate this new system of special drawing rights.
On the contrary, it was concocted by the IMF.
The remaining questions will appear on tomorrow's Order Paper.