Currency Circulation

Wednesday, 22 February 2012

Questions (92)

John Paul Phelan

Question:

92 Deputy John Paul Phelan asked the Minister for Finance the amount of currency in circulation in Ireland in 1990, 1995, 2000, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010 and 2011; the location from whence the money came in the years that show a significant increase; the level of Government borrowing during years with a currency increase; the person who authorised the decrease of currency in circulation in recent years and the reason for same; and if he will make a statement on the matter. [10302/12]

View answer

Written answers

Minister for Finance (Deputy Michael Noonan)

The information requested by the Deputy is set out in the tables that follow this reply. The Deputy will note that there has been no decrease in the net issuance of currency over the period shown. The tables show Irish banknote and coin circulation for end-1990, 1995 and 2000 and euro banknote and coin net issuance for 2003 to 2011. As the euro circulates freely throughout the euro system, it is not possible to give a euro circulation figure for any one eurozone country. Net issuance is the difference between the cumulative total value of banknotes and coin issued by the Central Bank of Ireland and the cumulative total value of banknotes and coin returned to the Central Bank of Ireland since the introduction of the euro. The European Central Bank is responsible for the strategic planning and co-ordination of the production and issuance of euro banknotes. Euro banknotes are put into circulation by eurozone National Central Banks according to demand. Coins are issued by the Central Bank of Ireland, according to demand.

IR£

Year	Currency in Circulation(Value in IR£ Millions)	Government Borrowing(Value in IR£ Millions)
1990	1,477	488
1995	1,944	627
2000	3,976	0

Euro

Year	Currency Net Issuance(Value in Euro Millions)	Government Borrowing(Value in Euro Millions)
2003	8,191	979
2004	11,484	0
2005	14,172	499
2006	17,421	0
2007	20,870	1,638
2008	23,850	12,714
2009	26,084	24,641
2010	27,924	18,744
2011	29,061	24,917