Neasa Hourigan (Dublin Central, Green Party)
Link to this: Individually | In context | Oireachtas source

129. To ask the Minister for Finance if he will provide an update on his engagement with the banking sector following the European Council recommendation on the conversion of hryvnia banknotes into euros for the benefit of persons fleeing the war in Ukraine; his plans to ensure those fleeing the war in Ukraine are able to exchange their hryvnia banknotes for euros; and if he will make a statement on the matter. [22391/22]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

A Council Recommendation on the conversion of hryvnia banknotes into the currency of host Member States for the benefit of persons fleeing the war in Ukraine was published on 01 April and was agreed by the Committee of Permanent Representatives on 13 April.  

The recommendation does not prescribe exact procedures to be put in place, but focuses on the consistency of national schemes, and is based on the scheme in place in Poland. The recommendation proposes that any scheme is open to all people classified as displaced persons from Ukraine with the possibility of converting up to 10,000 hryvnia per person (equivalent to €300 per person). The exchange should take place without charges and be based on official exchange rate as published by the National Bank of Ukraine. The scheme should have a minimum duration of 3 months. A recommendation is not legally binding and it is up to Member States to decide whether to implement a scheme or not.

Since the Recommendation was approved, officials from my Department have been engaging with other Member States to determine whether a scheme is required at present, what schemes are being implemented by the banking sector elsewhere across the EU, whether a similar approach could be implemented here and what the implementation of a scheme would involve.

My Department will continue to engage with other Member States and with industry to determine the next steps in this process.