ANYBODY going to Europe this summer should consider buying their foreign currency sooner rather than later. The pound is now third from the top in the EMS grid. "All European currencies are very good buys at the moment," said Mr Jim Power, chief economist at Bank of Ireland Treasury.

Only the Dutch guilder and Spanish peseta are above the pound now in the EMS grid. And even the peseta is a bargain for Irish holidaymakers at the moment, Mr Power said.

The peseta is a lot cheaper than a couple of months ago. The average rate over the last three months was 194 pesetas to the pound, compared to almost 205 yesterday. This would make a saving of almost £45 for a holidaymaker who was buying £8.00 of pesetas.

The French franc is now also good value for Irish tourists abroad. Around 8.21 it has been down as far as 7.90 over recent months.