Dáil Éireann Debate, Thursday - 8 September 2022
335. Deputy Neasa Hourigan asked the Minister for Finance if he will provide an update on his engagement with other member states and with the banking industry in relation to the European Council recommendation on the conversion of hryvnia banknotes into euro for the benefit of persons fleeing the war in Ukraine; and if he will make a statement on the matter. [42279/22]
Amharc ar fhreagraThe Council recommendation on the conversion of hryvnia banknotes into the currency of the host Member States for the benefit of persons fleeing the war in Ukraine, as agreed by the Committee of Permanent Representatives in April, sets out general principles for national schemes.
Although the recommendation is not legally binding, it proposes that any such scheme be open to all people classified as displaced persons from Ukraine with the possibility of converting up to 10,000 hryvnia per person (equivalent to €300 per person) and have a minimum duration of three months. The exchange should take place without charges and be based on official exchange rate as published by the National Bank of Ukraine.
Since the recommendation was published officials from my Department have engaged with other Member States and are aware that exchange schemes have been set up in some Member States. Officials are continuing to work with industry stakeholders, specifically the Banking and Payments Federation of Ireland and the Central Bank of Ireland in order to monitor the situation here and to ascertain if there is a demand for a scheme and to assess the success of other schemes in Member States.
