Vol. 557 No. 1
84 Mr. Hogan asked the Minister for Finance if the European Central Bank approved his proposal to include the reserves from the Central Bank arising from the euro changeover for Budget 2002; the precise date when this information was conveyed to him either formally or informally by the European Central Bank; and if he will make a statement on the matter. [16515/02]
In January of this year I sought the opinion of the European Central Bank on a draft amendment to the Economic and Monetary Union Act, 1998, which I intended to include within the 2002 Finance Bill, which would make provision for the transfer of income from the issue of coin to the Exchequer. This was done because European law requires that the European Central Bank be consulted in relation to relevant draft legislation.
In its reply, dated 4 February 2002, the European Central Bank indicated that it did not object to this amendment.
I did not consult the European Central Bank in relation to the transfer of income from the issue of notes to the Exchequer as the moneys arising from the issue of new euro notes are windfall profits accruing to the Central Bank's profit and loss account. These can be paid to the Exchequer without legislative amendment.
