Dearg code telegram from Frederick H. Boland to the Irish Legation, Washington DC
(No. 243)

Your 238.¹ To avoid increased strain on sterling area gold and dollar reserves we will so order our programme of hard currency imports as to keep them within the total of our own earnings and what we will receive under ERP. If these resources insufficient for our essential needs we and London will consult as to the means of meeting our needs, and in particular as to the provision of our essential requirements of wheat and maize. As result of this arrangement we propose to take ERP even in form of loan. We will of course still press for grant rather than loan. You should carefully avoid giving impression to ECA that we may continue to draw on sterling pool. The understanding reached with London precludes our doing so unless absolutely necessary.