asked the Minister for Finance if the Government has given consideration to the implications of the upward turn in the value of the £ sterling on employment and inflation; and if he will make a statement on the matter.

19.

asked the Minister for Finance whether he has under consideration a review of the Government's programme in the light of sterling revaluation.

With the permission of the Ceann Comhairle, I propose to take Questions Nos. 18 and 19 together.

The effective trade-weighted appreciation of the Irish pound since the British Government announced a change in their policy towards the exchange rate for sterling has been about 1 per cent. The net effects on output and employment of this appreciation are insignificant. A review of the Government's programme is not, therefore, called for.