Vol. 519 No. 2
139 Mr. Broughan asked the Minister for Finance the estimated cost of the Euro introduction programme to date; and the likely cost if, for any reason, the Euro was not to proceed on 1 January 2002, such as the withdrawal of Germany. [13431/00]
Expenditure by the public service to date on preparations for the introduction of the euro is estimated to be of the order of £33 million. This figure is mainly made up of the costs of the Euro Changeover Board of Ireland, which I established on 5 May 1998, to oversee the detailed implementation of the changeover, and to provide public information; the costs to the Central Bank of materials for the production of euro notes and coins; and the costs of the Forfás EMU Business Awareness Campaign. Preparation costs are of course once-off whereas economic and monetary union confers ongoing benefits.
The second part of the Deputy's question does not arise. The euro has already been adopted as the currency of Ireland and of the other member states participating in the third stage of economic and monetary union at irrevocably fixed exchange rates with effect from 1 January 1999, in accordance with the relevant provisions of the Treaty on European Union. The introduction of euro notes and coins from 1 January 2002 will complete the changeover.
