Vol. 397 No. 5
90 Mr. Quinn asked the Minister for Finance if he has had discussions with the Central Bank regarding the decision to import 30 million new one pound coins from the United Kingdom; the cost to the Government of this order placed outside the State; the loss of extra jobs, if any, which will result; whether the question was discussed by the Central Review Committee within the framework of the Programme for National Recovery; and if he will make a statement on the matter.
91 Mr. Quinn asked the Minister for Finance the reasons he has authorised the Central Bank to have 30 million of the 50 million new one pound coins minted outside the State in the United Kingdom Royal Mint; and if he will make a statement on the matter.
While the Minister for Finance provides the coinage, the minting of the coinage is a matter for the Central Bank. I understand from the bank that there will be a requirement in 1990 to mint approximately 125 million coins. This is double the amount minted in each of the last three years. To meet this exceptional demand, the Bank proposes to import 20 million of the 50 million new £1 coins. Nonetheless, over 100 million coins of various denominations, including the new £1 coin, will be minted in Ireland this year.
The Central Bank inform me that the minting programme will provide full employment for the 12 staff in the Mint plus considerable additional work in the form of overtime. No job losses will result from the importation of coins. The temporary arrangement is not being made at the expense of extra employment.
There will be no cost to the Government from the importation, since the expenses of the issue of the coinage are borne by the Central Bank. The matter was not discussed by the Central Review Committee.
