asked the Minister for Finance if the Irish Central Bank had to deposit 20 per cent of its monetary reserves with the European Monetary Fund in January, 1974; and if he will indicate the policy regarding the monetary reserves of the State.

The answer to the first part of the question is in the negative. No decision on the principle of pooling reserves has yet been taken in the EEC.

The policy regarding the monetary reserves of the State is to maintain them in such form and at such level as will safeguard the country's external payments position.