asked the Minister for External Affairs whether he is aware that a copy of the last Central Bank Report was supplied to the O.E.E.C.; and, if so, whether he has taken any steps to inform the O.E.E.C. that the advices contained therein are not accepted by the Government and generally to rectify any false impression which this document may create abroad as to Ireland's financial and economic stability.
Ceisteanna—Questions. Oral Answers. - Bank Report and O.E.E.C.
In accordance with the standing practice, the Report of the Central Bank was sent to the O.E.E.C.
As will be seen from the report entitled "Financial Stability and the Fight Against Inflation", the O.E.E.C. officials keep themselves up to date on the financial and economic conditions in all member countries, including Ireland.
How can O.E.E.C. understand the conflicting speeches of the Minister for Industry and Commerce and the Minister for Finance unless they are explained to them?
Has the Minister taken any steps to inform the O.E.E.C. that the Report of the Central Bank has been thrown overboard by the Government and by the other Parties in this House?
I would like to say in answer to both Deputy Davin and Deputy MacBride that finance is a difficult subject——
That is why you do not understand it.
——and unfortunately it cannot be learned by making long speeches about it or denouncing various organisations. Deputies, if they read this report, and the general public will see that the officials of the O.E.E.C. know their business and, when making these reports, they advert not only to the conditions here but in all other member countries of O.E.E.C. as well.
May we take it that the contents of the report of the O.E.E.C. as regards Ireland are based on information supplied by the Central Bank and by the Department of Finance?
The Deputy is quite well aware that O.E.E.C. makes a constant study of the economic and financial affairs of every member of O.E.E.C.
Based on information supplied by the Government.
Not only can they get the Report of the Central Bank but they get the reports of all the banks and all the Government Departments and private businesses in the country.
Am I correct in assuming that the Department of Finance, through the Minister, supplied to O.E.E.C. financial reports prepared by the Department of Finance for the purpose of this report?
All Government Departments supply reports to O.E.E.C. on various matters. That was the practice established within the lifetime of the last Government. I think it is no harm that an outside authority like O.E.E.C., which is interested in the stability of Europe and which recognises that inflation is the worst form of taxation, should know the facts in relation to this country as well as in relation to other member countries where inflation has occurred.
Through the spectacles of the Central Bank.
The White Paper, the Tánaiste said, was all wrong.