asked the Minister for Finance whether the present unsettled international monetary situation is having the attention of his Department; whether any discussions are taking place with banking authorities in the light of the present pressure on the franc which is also affecting sterling; and if he will make a statement indicating the Government's views on possible further devaluation by this country.
Ceisteanna—Questions. Oral Answers. - International Monetary Situation.
19.
The international monetary situation and its possible repercussions on this country are kept under continuous review in my Department and discussions take place with banking authorities when circumstances so require. Such discussions are of a confidential nature and it would not be appropriate for me to comment on them.
The question of a further devaluation by this country does not arise in the context of the present international monetary situation.
Will the Minister comment on the bank rate increase? Does he not agree that the bank rate increase will further increase the cost of living?
It is unavoidable, I am afraid.
Would it not have been better for the banks to lodge more with the Central Bank?
That is irrelevant.
It is very relevant.
Is it not appropriate on the occasion of a question of this kind addressed to him at this point of time for the Minister to direct the attention of Dáil Éireann to the fact that these are merely symptoms of the raging fire of inflation which is threatening the fundamental institutions not only of this country but of every other country where they are showing?
Within limits, I would agree with that, yes.