asked the Minister for Finance the percentage fall in the value of the Irish pound against sterling since the break in parity with sterling.

The figure requested by the Deputy is 22 per cent, which is also the average change in the value of the EMS currencies against sterling over this period, reflecting the strong appreciation of sterling against currencies in the system.

Does the Minister agree with me that this, which at one time was alleged to be another wonderful economic breakthrough, has been a disastrous mistake in many ways? Will the Minister say whether, for instance, it has increased the amounts to be paid in repayments of foreign debts to Britain? Presumably there would be a 25 per cent surcharge in relation to Britain and about 20 per cent to 25 per cent in relation to other currencies because of the break of the link with sterling and the consequent devaluation of our currency.

The recent strength of sterling against other currencies generally has been because the UK trade rate index, which measures the performance of sterling against the currencies of its main trading partners, is at its highest level for seven years. I do not honestly think that our decision to enter the EMS has made any appreciable difference. Deputies will appreciate that the main reason for the strength of sterling, in the past two years in particular, has been the advantage accruing to the UK from North Sea oil.

May I ask the Minister——

Ceist 18.

——about the question of borrowing, whether there is any reason why we should not——

I have called Ceist 18.

Am I not being allowed——

The Minister is getting the Ceann Comhairle to help him.

That is a disgraceful statement.

It would be impossible to have Deputy Browne named because there are no members of the Government over there.

I have called Ceist 18. Will the Minister give the reply to Ceist 18?

18.