asked the Minister for Finance if it is correct that one-pound (£1) piece British coins are not accepted by banks in this country as legal tender; and, if so, the reason for this decision.
Written Answers. - British £1 Piece.
664.
British coins are not legal tender within the State. Only coins provided by the State have legal tender status, in accordance with the Decimal Currency Act, 1969. Until the ending of the one-for-one parity with sterling in 1979 British coins circulated widely here and were accepted at face value by the banks although they had no legal obligation to do so. The banks in fact continue to accept at face value British coins which have an Irish equivalent. I have been informed that the banks decided not to accept the new British £1 coin since it does not have an Irish equivalent and because of the costs that would arise in repatriation of the coins.
Inquiries made by my Department and the Central Bank have not confirmed reports of any considerable inconvenience being caused to British visitors. I have been assured, however, that the Irish Banks Standing Committee is keeping the matter under review in consultation with the Central Bank and Bord Fáilte.