From estimates supplied to my Department in respect of the Central Bank of Ireland, Departments and relevant bodies as at May 2002, the cost to the Exchequer of the changeover to the euro is estimated to be of the order of £100 million. Changeover costs are of course once-off, whereas economic and monetary union confers ongoing benefits.
As regards the second part of the Deputy's question, I published Ireland's Cash Changeover Plan for 2002 in April 2000. An important part of the plan is that while retailers will continue to accept Irish cash up to 9 February 2002, they will from 1 January 2002 charge in euro and give change only in euro. To do this, they will have to get euro cash from banks in advance of 1 January 2002, and will have to lodge all of the Irish cash they receive inwards during the dual circulation period.
Retail representative organisations identified bank cash handling charges as a potential obstacle to retailers doing this. Retailers were concerned that they would have to pay bank cash handling charges for the euro cash that they will need to get in advance of January 2002, and cash lodgement charges on the Irish cash they will be lodging with their banks during the dual circulation period.