asked the Minister for Finance if he is aware that the value of the pound dropped to its lowest level in three years on the 19th October, 1972; if it is likely that the pound will be fixed before entry to the Common Market on the 1st January, 1973; and if he will make a statement on the matter and indicate the effects on the Irish economy.

I am aware that the exchange rate of the £ has declined as indicated by the Deputy. As the £ is floating, its exchange rate at any particular time does not necessarily represent its longer-term value. I cannot say whether it is likely that the £ will be fixed before 1st January, 1973. However, I do not expect any adverse effects on the Irish economy.

Does the Minister recollect that when he came to this House from Brussels and told us that the £ was floating, I told him the £ was sinking? Does he recollect that?

I do.

As long as the Minister recollects it, I am satisfied.