Robert Molloy
Question:27 Mr. Molloy asked the Minister for Finance the reason for the establishment of the market development fund which operated between October 1992, and March 1993; and if he will make a statement on the matter. [5994/95]
Written Answers. - Market Development Fund.
The market development fund was set up in the autumn of 1992 to help Irish exporters to cope with the difficulties they were then experiencing because of the level of the Irish pound against sterling, which had risen from around 95p sterling in early September 1992 to over 105p in early October and reached over 109p at the end of October. Irish interest rates were also at very high levels.