asked the Minister for Finance whether he and the Central Bank have taken any steps to secure the co-operation of other European Ministers for Finance, Central Banks and commercial banks to improve the readiness of foreign banks to exchange other EEC currencies for Irish currency notes and to quote exchange rates for Irish currency in the same manner as exchange rates are quoted and exhibited for other EEC currencies including the pound sterling which is not within the European Monetary System; and if he will make a statement on the matter.

7.

asked the Minister for Finance if he will outline the steps taken by the Central Bank to notify to other European banks and commerce in general, details, including the appearance, of Irish currency notes; the number of such notifications to date issued in respect of the new series of Irish currency notes; and if steps will be taken to improve the circulation of information having regard to the lack of familiarity which many foreign financial institutions have with Irish currency and the consequent difficulty experienced by persons seeking to exchange Irish currency notes abroad.

With the permission of the Ceann Comhairle, I propose to take Questions Nos. 6 and 7 together.

I would refer the Deputy to my reply to questions on this subject on Thursday, 30 October 1980. In addition, the Central Bank have informed me that on the introduction between 1976 and 1980 of the new £1, £5, £10 and £20 legal tender notes, colour photographs or actual specimens of each note, as appropriate, together with information sheets containing full details of note design specifications were forwarded to all central banks throughout the world, bankers associations within the EEC, Interpol, commercial banks located at major airports throughout the EEC and also the Interchange Bulletin — an agency which circulates comercial banks and exchange bureaux worldwide with colour photographs and background details of new note issues.

As a result of approaches by the Central Bank within the past year, the Irish pound is now officially quoted on the foreign exchange markets in Austria, Spain and Portugal. I am informed that the Irish pound is already quoted on the foreign exchange markets of the other EEC states.

As indicated in my reply to the earlier questions on 30 October last, the difficulties that arise in EEC and other countries in relation to the exchange of our currency tend to arise at commercial locations, such as banks and shops. Their attitude to a foreign currency will be governed by commercial considerations and they cannot be legally compelled to exchange or accept in payment currency other than their own. I am satisfied that my Department and the Central Bank are taking all reasonable steps to make our currency better known abroad but, as I have already said in the House, there are definite limits to what can be achieved by official action.

8.