Border-area currency conversion costs
Harte says farmers and businesses near the Border incurred larger overdrafts when moving accounts from Northern Ireland to the Republic because of the punt-sterling conversion. The Ceann Comhairle and Minister say the matter is separate from the interest-rate question; no substantive answer is given.
The Minister talks about the stability of the currency within the EMS and I acknowledge that. However, does he appreciate that farmers and people involved in industry in Border areas who have their banking accounts in Northern Ireland and who were forced to bring their banking accounts into the Republic were forced to increase their overdrafts. In other words, if they had an overdraft of £100,000 in Northern Ireland they needed £112,000 or £110,000 to discharge that amount by using the punt as against sterling. This forced the farmers in Border areas and those involved in industry there to pay a higher interest rate on the increased overdraft. The Fianna Fáil Government forced them to do this. Does the Minister consider that the advantages within the EMS outweigh the advantages of Irish unity?
