Sir, - The report by Jane Suiter (Business & Finance, January 3rd) on the exchange rate of the pound reinforces the fallacious view that the country can only gain from a reduction in its value. She quotes Dr McLoughlin as saying: "If the Government had the option of accepting another competitive gain . . . it would be odd not to do so." I don't know what agenda Dr McLaughlin is working to, but this is most definitely not in the interests of many Irish people.It is incumbent on journalists to make clear that reducing the value of the pound between now and EMU will devalue all of the savings of Irish people. Our pensions, building society accounts, life assurance policies and credit union deposits will be forever worth less if the pound enters EMU at a lowered rate. Entry at 1.3 euros/ pound means that my £10,000 building society account is worth 13,000 euros. At 1.2 euros/pound, it is worth 12,000 euros and I have been robbed of 1,000 euros. We must bear this in mind over the coming months as we watch our savings melt in value. - Yours, etc.,Dr Norman Stewart,Malahide,Co Dublin.