Would the Minister agree that one of the complicated factors at present in regard to Irish banking services is that we are within the EMS whereas the British banking system and Britain's entire currency system are outside the EMS? Obviously, the entry of Britain to the EMS would facilitate all banking transactions to quite a considerable degree, reducing the cost of services. Has the Minister any up-to-date information on any movement which would indicate that sterling would move into the EMS?

I am not sure of the evidence on which the Deputy bases his argument that the cost of cheque handling in Irish banks would be affected by British membership of the EMS. I do not think there is much evidence to that effect. I will take the bait, just the same, and answer the Deputy's question. It would be desirable, not just from the point of view of Ireland but of Europe and of Britain, that Britain would become a member of the EMS. The whole purpose which prompted the Irish Government and the Opposition of the day to join the EMS was the creation of a zone of monetary stability in Europe which would be conducive to investment. Clearly, it would be desirable for Europe as a whole if Britain decided to join the EMS. We, as a member of the system, would be very happy to see that occurring. I cannot say what are the intentions of the British Government in this regard.