Joe Walsh
Ceist:61 Mr. J. Walsh asked the Minister for Finance the action, if any, he proposes to take to protect the value of United Kingdom pensions paid to recipients living in Ireland. [14536/96]
Written Answers. - UK Pensions Value.
As I have no function in relation to the rate of pension paid by United Kingdom sources, I take it that the Deputy is referring to the Irish pound value of sterling-denominated pensions. As the Deputy will be aware, the sterling/Irish pound exchange rate is essentially determined by the financial markets and reflects inter alia the markets' view of the relative strengths of the economies of the two countries. The overall trend in recent years is a reflection of sterling weakness.
I have no plans to introduce measures which would compensate Irish residents for fluctuations in the value of sterling, or other foreign currencies, against the Irish pound. However, it should be noted that in recent years consumer price inflation in Ireland has been lower than that in the UK.