asked the Minister for Finance if he will make a statement on the effect on this country of the West German Government's recent action concerning the Deutschemark.
32.
Ceisteanna—Questions. Oral Answers. - Currency Revaluations.
31.
asked the Minister for Finance if the recent decisions by Germany and Holland to up-value their currencies have been considered by the Government; and if he will make a statement in the matter.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 31 and 32 together.
On the basis of present information it is not expected that the floating of the Deutschemark and the Dutch guilder will have any significant effect on this country. The same applies as regards the revaluation of the Swiss franc and the Austrian schilling.
Imports from the four countries in question may cost more but import prices will not necessarily reflect in full appreciation in the value of their currencies. So far, the appreciation in the value of the Deutschemark, the currency with which we are mainly concerned, has been quite small and not such as would be likely to affect our import trade to an appreciable extent.
To the extent that the currencies of the four countries have or will appreciate in value, there should be a higher return from our existing exports and opportunities of expanding them.
Is there any estimate of what the import increase will amount to?
The Deputy will appreciate that since the rate is floating we cannot estimate accurately until it settles down at some figure. It went to 5 per cent yesterday and it went down to 3 per cent later on in the day. It is difficult to estimate it but our imports last year from Germany were £46.1 million.
Would the Minister know the excess in respect of those countries that had a fixed revaluation?
In the case of Switzerland our imports last year were £4.6 million and in the case of Austria £1.4 million.
Is there not revaluation?
There is in those cases.
Has the Minister got the figure?
I have not got the figure offhand. The Deputy will see from that, that the impact on our trading figures would not be substantial.