Andrew Boylan
Ceist:48 Mr. Boylan asked the Minister for Finance the cost to the Exchequer of supporting the punt from 15 September 1992 to 31 January 1993; and if he will make a statement on the matter.
Written Answers. - Punt Support.
The direct impact on the Exchequer arising from Central Bank intervention in support of the Irish pound arises from the effect of such intervention on the bank's profits and it is assumed that this is the aspect which the Deputy has in mind. I am informed by the Central Bank that during the period September to January last the bank made additional profits as a result of the higher than normal levels of money market support and interest rates. The higher profits for the period to end-December 1992 will be reflected in the payment of additional surplus income by the bank to the Exchequer in 1993. The higher profits in January 1993 will be reflected in additional surplus income in 1994.