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Extra info for Ireland

Example text

Furthermore, a number of supervisory controls on capital inflows have been in¬ troduced, but there are no restrictions on such inflows. As the United Kingdom has not applied exchange controls to transactions with Ireland, existing arrangements to ensure that Ireland is not used as a channel to evade United Kingdom controls continue to apply. Controls now operating There are no restrictions on current trading or invisible transactions. Apart from small transactions, however, foreign currency for payments must be obtained through the authorised banks.

While it is too early to monitor trends in revenue and expenditure with any confidence, it would seem essential for the authorities to be prepared to act to bring developments into line with the budget plans and the development programme if any slippage becomes evi¬ dent The maintenance of the exchequer borrowing requirement at the planned level in 1979 and its further reduction to the intended 8 per cent of GDP in 1980 is also desirable if the growth of monetary aggregates this year and over the medium term is not to be excessive.

K. resident sellers of such securities. The currency, in general, sold at a substantial premium over the official rate of exchange. The currency was also available for outward direct investment transactions in and personal capital movements to countries outside the EEC in excess of the basic allowances available. Irish residents were not allowed to retain foreign currency on deposit or lend Irish pounds to non-residents except with the permission of the Central Bank. There were, in general, no exchange controls on capital inflows.

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