Vol. 489 No. 6
157 Mr. C. Lenihan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will release the report from Forfás in which it estimated that up to 40,000 jobs could be at risk in indigenous industries in the event of a sharp sterling plunge after the creation of a single currency. [8802/98]
The report was prepared for Forfás as part of the EMU Business Awareness Campaign, which Forfás is managing on behalf of the Government. The purpose of the report was to identify actions that companies could take to counter possible variations in the sterling/euro rate after EMU begins. The focus is therefore very much on contingency planning at the enterprise level.
In carrying out this work, analysis was made of which sectors were likely to be most affected by such possible currency variations. It should be noted that the opening reference point for this analysis was parity between the Irish pound and sterling. At present, as the Deputy knows, we are far from such a rate, and the contingency considered in the report, of a sustained depreciation of up to 15 per cent from such parity, may for the moment be regarded as somewhat remote.
Nevertheless, the consideration of new actions at the enterprise level is important and for this reason a summary of the possibilities in the areas of finance, distribution and production, among others, considered in the report is being finalised for wide distribution as part of the Information Pack of the EMU Business Awareness Campaign.
The report itself has been widely considered in its preparatory phase. The final version will be completed within a few weeks and, while there is a limited print run, it will be made available to interested individuals or organisations.
