ECB takes authority over foreign currency reserves

GERMANY - The European Central Bank (ECB) confirmed Monday, the Irish Times reported, that it must give permission before any euro-zone state can raid its own foreign currency reserves to ease domestic borrowing requirements.

The Minister for Finance in Ireland, Mr McCreevy attempted to access the foreign currency reserves held by the Central Bank in advance of last year's Budget, but was refused.

It is as yet unclear whether or not the Minister will seek the ECB's approval for such a move this