Vol. 496 No. 6
60 Ms O'Sullivan asked the Minister for Finance the measures taken to ensure that the changeover weekend of 31 December 1998 to 4 January 1999 is completed without undue difficulty; and if he will make a statement on the matter. [23720/98]
Preparations for the adoption of the irrevocable conversion rates to the euro are well under way. At the informal ECOFIN meeting on 26 September last, the economic and finance Ministers of the EU member states adopting the euro as their single currency, the governors of the central banks of these member states, the European Commission and the European Central Bank agreed a timetable and procedure for the fixing of the conversion rates on 31 December 1998. The Council will adopt the Regulation on these rates in the afternoon of 31 December 1998.
All of the authorities involved in the adoption of the irrevocable conversion rates are making arrangements to ensure that all matters relating to the changeover weekend are dealt with. For example, the Governing Council of the European System of Central Banks has set up an ad hoc “Changeover Weekend Committee”. This Committee will organise the monitoring of developments vis-á-vis the final migration to the euro within the European Central Bank and the national central banks and in the banking and financial industry, both prior to and during the changeover weekend. This committee includes representatives from the Central Bank of Ireland and from other national central banks of the monetary union.
I understand that for many months now the Central Bank has been working closely with the financial institutions to ensure that all the technical aspects of the changeover weekend have been identified so as to ensure that the changeover will be as smooth as possible. For example, there has been extensive testing of the wholesale interbank payments system during the last two months and this will continue over the remaining weeks. The procedures to redenominate Irish government securities into euro will be tested by the Bank during the weekend 21/22 November 1998.
I also understand from the Central Bank that apart from the redenomination of its own accounts and the Government accounts and the changeover of the Government stock register, it will provide contact people for retail banks in key specialist areas over the changeover weekend.
