asked the Minister for Finance if he is satisfied with the working of the present exchange control regulations and if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Exchange Control Regulations.
8.
I am satisfied that the present exchange controls are, in general, meeting the objectives for which they were introduced. As I indicated in reply to an earlier question from the Deputy, my Department and the Central Bank are keeping the operation of the controls under close review and, as part of this, are bearing in mind the desirability of introducing relaxations whenever possible, consistent with the national interest.
Has the Minister had complaints from stockbrokers or other people concerned with the operation of these controls?
Yes, some, primarily related to the restriction on the purchase of foreign securities.
Does the Minister think that these complaints are justified and is he going to do something about them?
The question as to whether they are justified is difficult to answer briefly and simply. In so far as the relaxation sought would defeat the purpose of exchange control I cannot accept them or say that they are justified. However, there are consultations proceeding at the moment with various groups and the Central Bank, and in so far as I have indicated that it is possible to relax the operation of exchange controls consistent with the national interest, this will be done.
If people have complaints about them or consider that they are too harsh, to whom should they address their complaints? Should it be to the Central Bank or the Minister?
The Central Bank administer exchange control on behalf of the Minister.
Should they complain to the Minister?
They can complain to either the Minister or the Central Bank.
There is some concern amongst people who are affected by these exchange controls. If they go to the Department they are told to go to the Central Bank who say that they are not their controls, they are the controls of the Department of Finance and complaints should be lodged there.
As the Deputy knows, exchange controls are operated under statutory order by the Minister for Finance but his agent for their administration is the Central Bank.
Who say to people who complain that they are not their controls and they do not accept complaints about them.
That is not correct. The Central Bank are at present engaged in meeting with a group who are concerned about this and they have met a number of such groups already. That is not consistent with an alleged attitude of the Central Bank that they have nothing to do with it and complaints should not be made to them.