Dáil Éireann Debate, Tuesday - 3 November 2015
878. Deputy Brendan Griffin asked the Minister for Foreign Affairs and Trade his views on correspondence (details supplied) regarding banking costs and charges for Irish exporters; his plans to address this matter, which is impacting on trade; and if he will make a statement on the matter. [37816/15]
View answerThe issues raised by the Deputy relate to the sanctions placed on Iran as part of the dispute over aspects of Iran's nuclear programme.
There were no sanctions on food exports, nor were there general sanctions on Iranian banking. However, over time most individual banks in Iran were placed under sanctions because of their involvement in efforts to evade the sanctions on the nuclear and military sectors. For this reason, and because of other specific US sanctions on financial dealings with Iran, many banks in Ireland and other countries became reluctant to engage in business with Iranian banks, including in relation to business activities which were not themselves subject to sanctions.
It is important to be clear that these sanctions are still in place. While it is anticipated that, in line with the agreement on the nuclear issue reached in July, the EU sanctions and some of the US sanctions will be removed in the next few months, this has not yet taken place. So the constraints under which banks were operating still apply.
I have strongly welcomed the nuclear agreement with Iran, and like others I hope that this may lead to increased opportunities for Irish trade with Iran. I hope that Irish banks and other banks in Europe will feel able to provide normal services in support of such trade, once sanctions are removed. But that point has not yet been reached.
When, as is anticipated, sanctions are removed, it will be for the banks as commercial entities to decide how far and how fast they are willing to re-engage in business with Iran. My Department will be happy to provide any assistance and encouragement, and a policy of openness and transparency on the part of the Iranian authorities will also be important.
