asked the Minister for Finance the amount that would be added to the accumulated foreign debt and the extra interest charges in 1985 if there were a devaluation at the present time of the Irish pound within the EMS of 5 per cent.
Written Answers. - Currency Devaluation.
464.
If the market exchange rate of the Irish pound were to fall in value by 5 per cent against the currencies participating in the EMS exchange rate mechanism and against the ECU the effects would be as follows: (i) some £140 million would be added to the Irish pound value of the Exchequer's outstanding foreign debt; (ii) Some £9 million would be added to the Irish pound value of foreign interest payments this year.
These figures do not take account of the effects of any change in the market exchange of the Irish pound against non-EMS currencies which might result from a change in its value within the EMS system.