Tuesday, 21 February 2012
Department of Justice, Equality and Defence
Question 500: To ask the Minister for Justice and Equality if his attention has been drawn to the fact that an average of more than €10,000 is exchanged from punts to euro at the Central Bank of Ireland on a daily basis; if he or the Garda monitors this exchange process; if any examination or explanation process is required to ascertain where such large sums are coming from over a decade since the introduction of the euro; if he will confirm if these transactions are monitored for the possibility of being from the proceeds of criminality; and if he will make a statement on the matter. [9213/12]
I am informed that An Garda Síochána has not received any recent reports from the Central Bank regarding any suspicion attached to the exchange of money from Punts to Euros.
I am also advised by the Minister for Finance that he has been informed by the Central Bank that some €10,000 is exchanged from punts to euros at the Central Bank of Ireland on a daily basis. The Central Bank is satisfied of the legitimacy of the level of exchange which is derived from various sources. I am further informed that the Central Bank continuously monitors this process to ensure the provision of a secure public service including appropriate procedures to notify the authorities of any suspicious transactions.