83 Mr. A. Reynolds asked the Minister for Finance the purpose to which he will expend, or the way in which he envisages disposing of, the substantial reserves shown on the balance sheet of the Central Bank in view of the fact they are no longer necessary to maintain; and if he will make a statement on the current extent of those reserves. [3155/99]

In responding to the Deputy's question, I would first like to clarify the position generally. All central banks hold foreign currency external assets. Such external assets are held for two principal purposes – to assist in protecting the currency and to ensure that the country does not lack the foreign currency needed to pay for essential imports.