asked the Minister for Finance if his attention has been drawn to British Banks offering to purchase Irish pounds at rates of 8.75p below the market rate; if he will state the average handling and commission charges of cash exchanges of European currencies; and if steps will be taken in conjunction with the Central Bank and the EEC Council of Finance Ministers to bring the British rates into line with acceptable international practice.

The Central Bank, at my request, have looked into the Deputy's complaint and have informed me that they are not aware that British banks are in general quoting exchange rates for the Irish pound below market rates.

Detailed information is not available on the average handling and commission charges of cash exchanges of European currencies. I am advised by the Central Bank that exchange rates quoted by the London clearing banks include foreign exchange commissions but some banks may make a separate handling charge in respect of the work involved in the repatriation of foreign notes.

As the information available to me does not suggest that British banks are in general offering below market rates for the Irish pound, I do not propose to take action as suggested by the Deputy. I have, however, asked the Central Bank to investigate a small number of cases which have come to my notice where persons travelling abroad have experienced difficulties in exchanging notes and cashing cheques.

25.