Following consideration of a memorandum dated the 3rd July, 1950, submitted by the Minister for External Affairs¹ and a Memorandum dated the 24th August, 1950, submitted by the Minister for Finance² relative to the setting up by the countries participating in the Organisation for European Economic Co-operation of a clearing house for their current payments to each other, to be known as the European Payments Union, it was agreed

1. that the Agreement setting up the European Payments Union should be signed on behalf of Ireland; and
2. that the signature of the Agreement on behalf of Ireland should be subject to the following reservation:-
   'In the existing circumstances, as Ireland is a member of the sterling area, the provisions of the present Agreement require no specific action by her and signature of the present Agreement on her behalf is subject to the understanding that its operation will not modify the existing arrangements governing payments between her and the other Contracting Parties'.