asked the Minister for Finance the effect to date of EMS membership on Ireland and if he will make a statement on the matter.

Membership of the EMS has represented a basic change in our exchange rate arrangements. It is not, however, possible to distinguish the precise economic effects of membership on Ireland from those of other influences on economic performance in the period, notably the sharp rise in oil prices, the evolution of domestic incomes and the industrial relations situation.

As regards the exchange of rate, the main effect has, of course, been the ending, as from 30 March 1979, of the former one-for-one parity relationship between the Irish pound and sterling. The Irish pound has performed satisfactorily within the EMS. The fluctuations in the exchange rate with sterling have reflected the movements of the latter outside the system. The economic effects of exchange rate changes depend, of course, on their size, direction and duration. In general, it can be said that the appreciation of the value of sterling vis-à-vis the Irish pound during the period since the start of EMS has been beneficial for exports of Irish industrial goods to Britain or Northern Ireland and for Irish goods competing with British products on the home or third country markets. There has been an increase in the cost of some imports from Britain and Northern Ireland. The breaking of the sterling link has also necessitated adjustments in financial and monetary practices for the business and financial community with which, in general, they are coping well.

As regards the resource transfers negotiated as part of our entry to the EMS, the arrangements are proceeding satisfactorily. The bulk of the relevant loans from Community sources have already been drawn down and it is expected that the associated resource transfers will be received before the end of the year. A large part of the bilateral aid has already been received.

Would the Minister institute a review within his Department of the extent of consumer dissatisfaction with certain aspects of membership? For example, at London Airport shops one would be lucky to be offered 90p sterling for an Irish pound. It appears that a lorry driver buying petrol or diesel on the Continent is offered an appalling exchange rate for the Irish pound. There is a great deal of general dissatisfaction about the extent to which we have convinced the authorities in the commercial banks on the Continent and in the United Kingdom of the going rate for the Irish pound. The Minister might have a special review undertaken because there is a great deal of dissatisfaction about this at present.

Part of the difficulty in this regard arises because in any exchange rate offered by a bank or bureau de change, there is built in a charge for the transaction as distinct from the actual exchange of currency. If people seek to change relatively small amounts there is a charge built in which is perhaps out of proportion to the amount involved and they appear to be getting a very poor return which is below the current exchange rate. This has led to some misunderstanding. Of course, this does not apply only to the Irish pound and sterling. It applies to all other currencies as well.

The exchange rate offered on the Continent to lorry drivers is abysmally low——

A question please, Deputy. This is not a discussion.

If I were in their shoes I would try to change the currency before I left.

It is extremely difficult for lorry drivers to do that.

Is the Minister aware that this is one of the currencies within the EEC which is not quoted on display sheets in commercial banks abroad? If our currency appeared on those sheets, one would know the rate being offered. At present, we are working in the dark.

That is a separate question.

I am aware that that practice obtains in a number of countries and have taken steps to draw the attention of the Governments concerned to this fact but it will obviously take time before it percolates down the line.

Arising out of the Minister's reply about the Irish banks, is he aware that if they charge a flat rate for small conversion transactions they will get an inordinate profit because of the number of transactions involved?

We have already dealt with that question.

The banks have had a bonanza because of our entry into the EMS.