As Minister for Finance, Haughey on two occasions arranged foreign currency loans for the government which he then arranged to be left on deposit in foreign countries (Germany and the United States), in the local currencies, instead of immediately changing the loans to Irish pounds and depositing them in the exchequer. These actions were unconstitutional because they effectively meant that the Minister for Finance was making currency speculation against his currency. When this was challenged by the Comptroller and Auditor General Eugene Francis Suttle, Haughey introduced a law to retrospectively legalise his actions. The legislation was passed on 26 November 1969.
As Minister for Finance, Haughey on two occasions arranged foreign currency loans for the government which he then arranged to be left on deposit in foreign countries (Germany and the United States), in the local currencies, instead of immediately changing the loans to Irish pounds and depositing them in the exchequer These actions were unconstitutional because they effectively meant that the Minister for Finance was making currency speculation against his currency. When this was challenged by the Comptroller and Auditor General Eugene Francis Suttle, Haughey introduced a law to retrospectively legalise his actions. The legislation was passed on 26 November 1969.