asked the Minister for Finance if the liberalisation of the movement of capital within the EEC is working satisfactorily; and if he considers, in view of the recent rate of inflation, that the general restriction on the outward movement of capital from Ireland to £250,000 per project in any one year is still sufficient, notwithstanding provisions whereby applications can be made for larger amounts.
Ceisteanna—Questions. Oral Answers. - EEC Capital Movements.
5.
As far as this country is concerned, the general programme of liberalisation of capital movements within the EEC is working satisfactorily.
I consider that £250,000 per project is still satisfactory as a normal limit for approved outward direct investments in EEC countries. Applications to transfer larger amounts are considered on their merits and no problems have arisen in this regard.
I might add that, under the Accession Treaty, we are committed to liberalising outward direct investment in EEC countries in full by 1st January, 1975.
Is it not true that a number of our larger industries, particularly our construction industry, are, in fact, establishing themselves in one way or another in Europe and, in view of the cost of any major building project, does not £250,000 seem a little small?
That is the current limit. The position will be kept under constant review and, as requirements may change, I am sure the figure will be changed as well.