andMr. Dunne asked the Minister for Finance the rate of exchange of (1) the Irish pound and (2) the UK pound vis-à-vis the existent European EEC countries; and if there will be full equation of such rates when this country becomes a member of the EEC.

Irish currency and sterling have the same par value. Their rates of exchange vis-à-vis EEC currencies are as follows:

Under agreed arrangements the market fluctuations of these rates are not allowed to exceed 2¼ per cent. There is, at present, no proposal to change these arrangements.

May I take it from the Parliamentary Secretary's reply that the rate of exchange of the Irish pound and the British pound is exactly the same?

That is correct.

May I point out that if the Parliamentary Secretary goes to Europe and tries to exchange an Irish pound he will not get the same rate of exchange?

It depends on where you go. You will get the same rate of exchange, or even better, in Spain.

The Parliamentary Secretary is not suggesting going to the black market?

The Irish pound is in as much demand in Spain——

Question No. 23.