Vol. 541 No. 2
394 Dr. O'Hanlon asked the Minister for Finance the extent to which his Department is prepared for the introduction of the euro; if he will ensure that the replies to future parliamentary questions show all monetary values in euros and pounds; and if he will make a statement on the matter. [21897/01]
My Department's preparations for the changeover to the euro are on target. Briefly, these preparations fall under the broad headings of legislation, internal preparations, and general monitoring of public sector preparations.
Legislation dealing with the adoption of the euro was put in place at EU level and national level some years ago. More recently, the Euro Changeover (Amounts) Act, 2001, provided for the substitution, with effect from 1 January 2002, of convenient euro amounts for Irish pound amounts at specific references in listed Acts and statutory instruments. This included a number of areas of law arising under my Department or agencies under its aegis. The Finance Act, 2001, provided a framework of convenient euro amounts to apply from 1 January 2002 in the tax code. In all cases of change to convenient euro amounts, the principle of favouring the citizen was followed. Irish pound amounts in law that are not changed by national legislation will of course convert to euro on 1 January 2002 at the conversion rate, under Council Regulation (EC) No. 974/98.
I made an order to withdraw legal tender status from Irish pound notes and coins at midnight on 9 February 2002, as recommended in Ireland's cash changeover plan on 11 July 2001. This order had previously been approved in draft form by both Houses of the Oireachtas. I also made orders in July dealing with the calling-in of Irish pound coins, and with the design of euro coins and the commencement of the power to issue such coins. All of these orders were made under the Economic and Monetary Union Act, 1998. Internal preparations include the conversion of the Department's payroll, financial management and other computer systems, all of which is on target: indeed the payroll for the Department's staff was converted to euro in July 2001. Staff training is also proceeding. Since 1 January 1999 the accounts of the Exchequer and the Paymaster General with the Central Bank have been in euro and transactions between them, the Central Bank and the commercial banks have also been in euro. Also since 1 January 1999 budgetary, financial and economic publications provide summary information in euro. Arrangements for processing the remainder of the Department's financial transactions in euro from 1 January 2002 are well in hand. From that date all the Department's publications will be in euro. For a limited period summary information will be given in Irish pounds also. The Estimates for 2002 and the forthcoming budget are being prepared in euro. Since 1 January 1999, Revenue has provided its business customers with the facility of conducting their tax and customs affairs in Irish pounds or euro and Revenue has also been processing euro returns and euro payments for a small proportion of its customers since that date.
