Skip to main content
Normal View

Dáil Éireann debate -
Tuesday, 13 Nov 2001

Vol. 543 No. 5

Written Answers. - Euro Changeover.

John Dennehy

Question:

270 Mr. Dennehy asked the Minister for Finance the amount of Irish pound currency outstanding in terms of notes and coins which must be converted to euro; the legal position regarding holdings of notes and coins which people may inadvertently hold beyond the dual currency period after 9 February 2002; and if he will make a statement on the matter. [27935/01]

I am advised by the Central Bank that, as at 8 November 2001, the circulation of Irish notes was some 170 million bank notes worth some £3,500 million, and of coins was some 2,730 million coins worth some £305 million. By circulation is meant, briefly, cash held outside the Central Bank and cash centres, i.e. in branches of financial institutions and by retailers, as well as by the general public. While the bank note circulation is for the most part regularly replaced, coins are not: the figure for coins therefore includes coins that were issued a long time ago, many of which may by now have been lost, etc.

As the Deputy will be aware, Ireland's cash changeover plan for 2002, which I published in April 2000, states that on 1 January 2002, e-day, euro notes and coins will begin to be put into circulation and the withdrawal of Irish notes and coins will begin. Legal tender status will be withdrawn from Irish notes and coins at midnight on Saturday, 9 February 2002.
From then on, such notes and coins will not have to be accepted in payment. However, exchange of Irish cash for euro as set out in the plan, and acceptance of lodgements of Irish cash, by banks, building societies, post offices and, where feasible, by credit unions for members, will continue for a time after 9 February 2002; also, the Central Bank will continue indefinitely to give value in euro for Irish notes and coins. These provisions are set out in the handbook on the changeover to the euro which the Euro Changeover Board of Ireland, ECBI, has been distributing to every household. In addition, the ECBI, the Central Bank of Ireland and various charities have for some time been running campaigns to urge the public to release any hoarded coins.
Top
Share