Not being an economist, I'm not clear on the significance of currency reserves in this discussion. Do we mean foreign currency reserves? Since joining the Euro, Ireland has had much less need of maintaining foreign currency reserves partly because it doesn't have its own currency to protect against speculation etc., and partly because much more of it's trade is within the Euro area.

If we are discussing "ability to pay" for oil imports, surely trade surpluses, budget deficits, national debt as % of GDP etc. are much more relevant measures?

"It's a mystery to me - the game commences, For the usual fee - plus expenses, Confidential information - it's in my diary..."