John Bruton
Question:497 Mr. J. Bruton asked the Minister for Finance when he expects to set the bilateral exchange rates for the Irish pound for its conversion to the euro. [1273/98]
Written Answers. - Euro Conversion Rates.
The informal ECOFIN in September 1997 agreed that there will be a pre-announcement of the bilateral exchange rates of the currencies of the participating member states at the same time as the participants in EMU are decided and announced, which is due to take place in the first weekend of May 1998. These rates will become effective on 1 January 1999 and, in line with the Treaty on the European Union, the actual setting of the conversion rates against the euro can only take place on that date.