Dáil Éireann debate -
Thursday, 30 Mar 2000

Vol. 517 No. 2

Written Answers. - Euro Changeover.

Bernard J. Durkan

Question:

93 Mr. Durkan asked the Minister for Finance if he and the other member states are satisfied with the progress to date in the preparation for the introduction of the euro; and if he will make a statement on the matter. [9426/00]

Minister for Finance (Mr. McCreevy)

The euro came into being in cashless form on 1 January 1999 and euro notes and coins will be introduced on 1 January 2002. The changeover to euro in 2002 will require an adequate supply of euro currency, appropriate preparations by the public sector and by businesses, satisfactory arrangements for the cash changeover and widescale provision of information for the public. All member states in the euro area are working to ensure that the changeover will take place as smoothly as possible. The pace of preparations is expected to increase now that the year 2000 problem has passed and 1 January 2002 is coming closer.

In Ireland, production of euro currency began in September 1999 and I am assured by the Central Bank that adequate supplies will be available for the changeover. In the public sector, each Department is responsible for the changeover to the euro in its operations and for making sure as appropriate that adequate arrangements are put in place by the bodies under its aegis. Departments have assured me that they are satisfied that they and the bodies under their aegis will be ready for the changeover.

As regards business preparations, the most recent survey on the preparedness of Irish business undertaken by the Forfás EMU business awareness campaign was published last month. The survey found that in general terms firms are advancing with preparations for the changeover, though slowly. The Forfás campaign warned in publishing the survey that Irish companies could risk increased changeover costs by delaying their preparations until 1 January 2002. It is of course primarily the responsibility of companies themselves to ensure that they make adequate preparations for the changeover. The Forfás campaign has already distributed very large quantities of information for business as well as undertaking a wide-ranging programme of activities to raise awareness among the business community in co-operation with business and professional organisations and State agencies, and will continue to do so.

Work is ongoing under the aegis of the Euro Changeover Board of Ireland, which I set up in 1998, on the practical arrangements for the changeover to euro cash in 2002 and I expect to be able to make an announcement in this regard over the coming weeks. The board has already provided widescale information for the public on the euro and is working with a range of organisations with a view to increasing public awareness. Its public information work will continue and greatly intensify as we approach 1 January 2002.