asked the Minister for Finance by how much the pound has devalued since it was floated in June last.
Ceisteanna—Questions Oral Answers. - Value of £.
7.
The closing rate for the pound against the US dollar on 14th November, 1972, was $2.3505, representing a decline of 8.8 per cent on the closing rate of $2.5765 on the 22nd June, 1972, when floating began.
Is the Minister referring to the parity of the Irish £ or the parity of the British £?
Does the Deputy's question mean parity as between the British £ and the Irish £?
What I am seeking information on is whether the Minister is referring to parity of the British £ or the Irish £?
I am referring to the Irish £. I must say I am glad of the opportunity to correct a misunderstanding, I think, which the Deputy had last week when he put a question to me in this respect. The position is that the Irish £ and the British £ are maintained at precisely the same parity. The figures I have given relate to the Irish £ but in the circumstances I have given they also relate to the British £. I should like to add that there is no question of any devaluation as between the Irish £ and the British £. They are maintained at precisely the same parity.
Is it not possible that the £ in an Irish pocket cannot buy as much as the £ in a pocket in Britain?
It is possible but unlikely — increasingly so.
Would the Minister convey his reply to me to the petrol companies who have based their case for an increased price on the basis of the comparative value of the Irish £?
Deputy Cooney is under a misapprehension in this respect. I think he has misunderstood some report on this matter. I am not aware of any report which would suggest what the Deputy has said. The position is that the Irish and the British £s are at exactly the same parity and therefore there is no reason——
I am telling the Minister about what was reported by the national radio.
I have seen a copy of the report to which the Deputy has referred and if he looks at it again— I will supply him with a copy if he wishes — he will see that he has misunderstood it.