Vol. 537 No. 2
182 Mr. Lawlor asked the Minister for Finance if he has satisfied himself that there will be no cash shortages following the introduction of the euro on 1 January 2002; if he will raise the matter formally with his EU counterparts and request a review of preparations for the introduction of the Euro across the 12 nation euro zone and if he will make a statement on the matter. [15524/01]
I am assured by the Central Bank that sufficient quantities of euro notes and coins will be available for 1 January 2002 and thereafter. The Central Bank is producing over 200 million euro notes and over 1,000 million euro coins which will ensure that there will be enough euro cash to fully replace all active Irish notes and coins. Starter packs of euro coins will go on sale to the public from 17 December 2001 and will be sold at face value, £5. The packs will contain 19 euro coins, including at least one of each denomination, to a total value of 6.35. The packs will be on sale mainly through post offices and limited supplies will also be available at individual banks and building societies and, where feasible, at credit unions for members.
Financial institutions and, through them, retailers will be supplied with euro cash in advance of 1 January 2002 so that they can give change only in euro from that day. In addition, ATMs will begin to dispense euro notes from that day. It is expected that some 80% of ATMs will be changed over to euro on that day and the rest over the following few days. Under the cash changeover plan for 2002, published last year, 10 and 20 notes will be the predominant notes dispensed by ATMs. Furthermore, social welfare payments will be in euros from 1 January 2002 and, in the first week, will generally include at least four 5 notes. These measures will ensure euro cash goes into circulation quickly. Irish pound notes and coins may remain in circulation and will retain their legal tender status up to the end of the dual circulation period on 9 February 2002.
Preparations for the changeover to the euro in all 12 countries are ongoing and are kept under constant review by the national authorities, the European Commission, the European Central Bank and Finance Ministers in the euro area.
