Derek McDowell
Question:101 Mr. McDowell asked the Minister for Finance the percentage of the cost to the financial institutions of the euro changeover which will be covered by the State. [27023/01]
Written Answers. - Euro Changeover.
The general principle applying to changeover costs is that they are borne by the sectors on which they fall, and this includes the financial institutions. The State and its institutions are of course bearing significant costs themselves, including the changeover costs of the public sector; the cost of the public information and business information campaigns run by the Euro Changeover Board of Ireland and Forfás respectively; and the Central Bank's costs as regards production and distribution of euro notes and coins and withdrawal of Irish pound notes. I would also mention coins; and the cost of the agreement with the banks, which I announced in the Dáil on 8 May 2001, whereby they will not charge cash handling charges on euro cash provided to retailers in advance of 1 January 2002 and will not charge cash lodgement charges on IR£ cash lodged by retailers during the dual circulation period and for a week afterwards. This agreement, aimed at facilitating the cash changeover, will partly, but only partly, compensate the banks for the fee income they will forgo and will cost an estimated £5 million to £6 million.
Derek McDowell
Question:102 Mr. McDowell asked the Minister for Finance the arrangements his Department has entered into regarding payment with the security firms delivering the new euro notes and coinage; and if he will state if this equates proportionately with that which the banking sector is offering its employees. [27024/01]
It is the Central Bank which has entered into arrangements for delivery to banks of euro notes and coins. I understand that payments to employees are not specified in these arrangements.
Derek McDowell
Question:103 Mr. McDowell asked the Minister for Finance if he has met with the Irish Bank Officials Association to discuss the euro changeover; and if not, if he will explain the reasons behind this decision. [27025/01]
I have not met the Irish Bank Officials Association about the euro changeover. I was asked by the Irish Bank Officials Association to meet them to discuss a proposed agreement between the association and the associated banks in relation to the introduction of the euro. I do not consider that it would be appropriate for me to become involved, and I responded accordingly.