Dáil Éireann - Volume 128 - 06 December, 1951

Ceisteanna—Questions. Oral Answers. - Backing for Currencies.

Mr. MacBride Mr. MacBride

Mr. MacBride asked the Minister for Finance if he will state what countries, apart from Ireland, if any, maintain a 100 per cent. backing for their currency in Government securities of another country.

Mr. Aiken Mr. Aiken

543

[543] Mr. Aiken: I cannot undertake to collect and supply information about the currency position in other countries. I do know, however, that some of the strongest currencies are backed wholly or mainly by external assets, including gold. The United States and Switzerland, for example, have 100 per cent. gold cover for their note issues. Many countries would like to be in the position of holding foreign reserves equivalent in value to their domestic note issues.

Mr. MacBride Mr. MacBride

Mr. MacBride: Again I wish to protest. I asked a simple question of the Minister—whether there is any other country which is bound to maintain 100 per cent. backing for its currency in Government securities of another country. That is a question which is capable of a simple answer. I have not got that answer. Is the Minister trying to conceal it or does he not know the answer?

Mr. Aiken Mr. Aiken

Mr. Aiken: I told the Deputy that I cannot undertake to supply information about every country in the world.

Mr. MacBride Mr. MacBride

Mr. MacBride: He does not know.

Mr. Aiken Mr. Aiken

Mr. Aiken: I am not running a world information bureau. If the Deputy looks at the files he has of Deputy Dillon's speeches, or if we had these speeches, we would know everything in the world.

Mr. MacBride Mr. MacBride

Mr. MacBride: The Minister does not know the answer.

Mr. Dillon Mr. Dillon

Mr. Dillon: The Minister knows the answer but he is afraid to give it.

Dáil Éireann 128 Ceisteanna—Questions. Oral Answers. Backing for Currencies.

Questions

19511206