Vol. 243 No. 10
asked the Minister for Finance why American dollars were purchased in exchange for approximately £6,700,000 worth of gold when Deutschemarks might have been a better buy in view of the recent upward revaluation; and if he will make a statement on the matter.
30.
asked the Minister for Finance the reasons for the Central Bank of Ireland selling approximately £6,700,000 worth of gold to the United States of America.
A Cheann Comhairle, I propose, with your permission, to take Questions Nos. 29 and 30 together.
The management of its funds is a function of the Central Bank, acting within its statutory powers. I understand, however, that these sales arose partly out of obligations to the International Monetary Fund in connection with assistance by the fund to France and partly from a switch to high-yield investments.
Is the Minister not prepared to say why Deutschemarks were not purchased instead of American dollars?
The Deputy must realise that the management of the funds is a matter for the board of the Central Bank. Very often the board's decision is a matter of very fine balance. I think both the Deputy and myself would be fairly well advised to leave it to them to decide what is best to do.
That is a typical reply.
