asked the Minister for Finance if the Government are satisfied with the performance of the Irish pound in the EMS; and if it is likely that the Irish pound will recover against sterling in the short term.
Written Answers . - European Monetary System .
430.
: The Government are fully satisfied with the performance of the Irish pound in the EMS. In recent months our pound has consistently been in a strong position within the EMS band. The change in the exchange rate of the Irish pound vis-à-vis the pound sterling is not due to any weakness of our currency in the EMS but rather to the appreciation of sterling, for reasons that are well known, against all the EMS currencies. Yesterday, for example, when sterling registered further gains against the Irish pound and indeed against the other EMS currencies, our pound was in fact strengthening within the EMS band.
As regards future movements in the Irish pound/sterling exchange rate, these will depend on the fluctuations of sterling outside the EMS. It would not be appropriate for me to speculate about the likely direction and size of future fluctuations of sterling.
431.
asked the Minister for Finance if he will outline current prime lending rates in the EMS countries and in the United Kingdom.
: Following is the latest information available:
|
% |
|
|
Belgium |
15.75 (end-September) |
|
Denmark |
18.00 (end-August) |
|
France |
14.40 (end-September) |
|
Germany |
11.49 (end-September) |
|
Ireland |
14.00 (end-October) |
|
Italy |
20.08 (end-September) |
|
Luxembourg |
n.a. |
|
Netherlands |
11.25 (end-September) |
|
UK |
17.00 (end-October) |