Dáil Éireann debate -
Tuesday, 15 Dec 1998

Vol. 498 No. 4

Written Answers. - Euro Changeover.

John Bruton

Question:

266 Mr. J. Bruton asked the Minister for Finance the ceremonies, if any, members of the Government will attend to mark the launch of the single currency on 1 January 1999; and if he will make a statement on the matter. [27513/98]

Minister for Finance (Mr. McCreevy)

In accordance with Article 109L(4) of the Treaty on European Union, the Council of Economics and Finance Ministers, ECOFIN, will, acting with the unanimity of the member states without a derogation, on a proposal from the Commission and after consulting the European Central Bank, adopt a Council regulation irrevocably fixing the conversion rates between the euro and the currencies of the member states adopting the euro.

A joint communiqué of 1 December 1998 from the Council and the Commission announced that the Commission will propose the rates for adoption at 12.30 Central European time on 31 December 1998 in a televised Council session and that the Council will adopt the regulation and will inform the public of its adoption at around 13.30 CET. The communiqué also states that the regulation will be applicable as from 1 January 1999, 0.00 a.m. local time.

I will of course be attending the Council meeting in Brussels.

A reception to mark Ireland's entry into EMU, the launch of the euro and the announcement of 31 December in Leinster House. Members of the Government, all Members of the Oireachtas, Ireland's members of the European Parliament and the social partners will be invited. The timing of the reception will coincide with the Commission proposal and Council adoption and will be hosted by The Taoiseach.

Those attending the reception will be given an information pack, copies of which will be sent afterwards to all members of the Oireachtas, on preparations for the changeover to the euro, including information on the Euro changeover board of Ireland's public information programme and the Forfás EMU business awareness campaign.

With regard to ceremonies on 1 January 1999, it is planned to hold an event in the morning, in conjunction with the Governor of the Central Bank, to which the Taoiseach and Tánaiste have been invited. This event will involve a display of the Euro conversion rate against the Irish pound.