As the Minister for Finance sets about finalising his Budget, it has emerged that he may not be able to dip into the country's foreign reserves to balance the books.
According to a report in today's Irish Times, the European Central Bank (ECB) confirmed that it must give permission before any eurozone state can raid its own foreign currency reserves to ease domestic borrowing requirements.
Ireland has E6bn in foreign currency reserves which many economists believe is unecessary since the introduction of the euro.
The ECB is currently reviewing each member state's currency reserves in an attempt to find the optimum solution.
A number of other EU members, including Italy, have been looking at the idea of dipping into their reserves of currency and gold as they struggle to stay within the terms of the Stability Pact.
However it is still unclear whether McCreevy will ask the ECB if he can use some of the money. The last time he did, he was refused. //www.fxcentre.com