Foreign currency accounts in Community banks
The Minister said EEC directives do not require Ireland to permit foreign-currency accounts and defended the restrictions as part of exchange controls protecting official reserves.
asked the Minister for Finance when the Government will comply with the freedom of exchange and movement of capital regulations within the Community to enable Irish citizens to hold foreign currency accounts in Community banks; and if he will make a statement on the matter.
Comment on this
The EEC directives on capital movements do not impose an obligation on member states to allow their citizens to hold foreign currency accounts. Our restrictions on the holding of such accounts are an inherent part of our exchange controls which are designed to protect the country's official reserves.