The value of the Irish pound will be based on a declaration made to the International Monetary Fund.

Minister for Finance Charles Haughey outlines plans to repeal two sections of the 1927 Currency Act. the minister describes the changes to sections 47 and 49 as technical modifications that mean the standard value of the Irish pound will be that referred to the International Monetary Fund (IMF).

In the case of any future devaluation of sterling, the Irish pound will not necessarily be devalued alongside it.

When you declare the value of currency to the International Monetary Fund, you bind yourself not to change that by more than ten per cent either way without the permission of the fund.

The effect of the changes will mean that Ireland would no longer be legally obliged to maintain exchange rate parity with sterling. The external value of the Irish pound as declared formally to the IMF would be the rate at which one pound would be converted to sterling and any other currency.

An RTÉ News report broadcast on 5 December 1967. The reporter is Joe Fahy.