THE Minister for Finance, Mr Quinn, has made a further attempt to ease speculative pressures on the pound.

Yesterday, he again stated that the pound may not "necessarily" join European Monetary Union at 2.41 deutschmarks, but rather at a rate that meets the needs of the Irish economy at that time. The Government, he said, would be looking at how best to achieve this.

Speaking to the Irish Association of Corporate Treasurers yesterday, Mr Quinn stressed that no decision has been taken on the exchange rate at which the Irish currency will join EMU.

"The prospect of the existing central rate being used would suggest a lower rate than the market rate, but there are a lot of positions in between these two and we will be look ing at all those intermediates positions to what is in the best interests of the economy," according to the minister.

The pound recovered some ground yesterday, edging higher sterling to gain almost a penny to 93p. It was broadly unchanged against the D mark and the dollar, closing at DM2.56 and $1.51.

The Irish currency was forced sharply lower earlier this week after overseas speculators targeted the currency.

Despite the minister's comments, many economists still believe the pound will enter EMU at its central rate.