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Dáil Éireann díospóireacht -
Tuesday, 30 Jan 1990

Vol. 394 No. 8

Written Answers. - Cost of British Magazines.

Frank Crowley

Ceist:

222 Mr. Crowley asked the Minister for Industry and Commerce, in view of the strength of the Irish pound against sterling, the reason the cost of British magazines being sold in Ireland has not been reduced; and the reason the consumer has not been able to benefit.

I understand that, following the practice advocated by the National Prices Commission when price control was in operation, importers of magazines from the UK had entered into legally binding contracts to buy sterling prior to the strengthening of the Irish pound against sterling. Their contracts involve forward buying of sterling and I understand that contracts are not due for renewal until the middle of the year. Consequently, for price comparison purposes, it would not be appropriate to merely convert from the stated sterling charge to IR£1 as at a current date. In addition, as the product is VAT-free in the UK, due allowance for this and the additional cost of transport from UK to Ireland must be taken into account when a comparison between retail charges here and in the UK is being undertaken. I am, however, concerned to ensure that the benefit of the strong Irish punt vis-à-vis sterling should accrue to the Irish consumer to the fullest extent possible. To this end I am having the pricing structure of imported magazines examined as a matter or urgency and such action as is warranted by the outcome of this examination will be taken by me at the earliest opportunity.

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