asked the Minister for Finance whether it is his intention either now, or in the foreseeable future, to take steps to devalue the Irish £.
Ceisteanna—Questions. Oral Answers. - Value of Irish £.
I do not intend, either now or in the foreseeable future, to take any steps to devalue the currency. On the contrary, as stated clearly and categorically by me in this House on 25th July last (Dáil Debates, Volume 159, columns 1602, 1603) the Government are determined to take whatever measures are required, however unpleasant, to safeguard and maintain the value of the Irish £. This principle of Government policy was again affirmed by the Taoiseach in this House on the 26th July (Dáil Debates, Volume 159, columns 1987, 1988). The safeguarding of the exchange value of the Irish £ by correcting a dangerous balance of payments situation was, of course, the sole purpose of the special import levies and other measures taken by the Government earlier this year. Recent trade figures indicate that these measures are having the desired effect.
I wonder would the Minister suggest to the Opposition that they might address a similar question to the British Chancellor of the Exchequer?
Is not it a fact that if, as appears likely, in the near future, the British Government will have to devalue the British £, it will follow automatically that this Government will have to devalue the Irish £.
What I am concerned with is to ensure that the money that the people have here is not depreciated in so far as any measures that this Government can take to prevent such depreciation. I am quite determined to take those measures and to prevent any inflationary pressure in so far as it can be prevented by internal action against such depreciation.