EMU and the Euro:
the Second Edition of Ireland's National Changeover Plan

 

Ireland recently published the second edition of its National Plan for the changeover to the single currency, the euro. The first edition of the Plan was published in May 1997. Like its predecessor, the second edition has been approved by the Irish Government and is based on the assumption that Economic and Monetary Union (EMU) will start on 1 January 1999 and that Ireland will be a member of it from the outset.

The first edition of the Plan outlined the changeover arrangements that will be made by Government Departments, the Central Bank of Ireland. the National Treasury Management Agency and the Revenue Commissioners (tax authorities), as well as by banks and building societies and the Irish Stock Exchange, and promised that the Plan would be extended to include other parts of the public sector, including State-sponsored bodies, local authorities and health boards. The second edition fulfils this promise, as well as developing as appropriate the arrangements set out by bodies covered by the first edition. The second edition also includes an Appendix which describes the changeover work being done by various public bodies and trade and professional associations in Ireland and lists contact points in them.

The designs for euro notes and coins, including the design for the Irish face of euro coins, are also shown.

Briefly. on 1 January I999, EMU will begin and the euro will come into being as the currency of the participating member States. It will be useable for cashless transactions (e.g. cheques and credit transfers) from that date. However, euro notes and coins will not be available for a further three years, so Irish pound notes and coins will continue in use and all banking facilities currently available in Irish pounds will continue to be available: in other words, individuals will be able to operate in Irish pounds as they do at present. On 1 January 2002, euro notes and coins will be put into circulation and by 1 July 2002 at the latest (probably a good deal earlier), Irish pound notes and coins will cease to be legal tender and the changeover to the euro will be complete.

 

THE KEY POINTS OF THE PLAN ARE THAT FROM IRELAND'S ENTRY INTO EMU:
 
 

                                   

 

FROM THE INTRODUCTION OF EURO NOTES AND COINS IN IRELAND
 
 

   

In launching the second edition of the National Changeover Plan, Ireland's Minister for Finance, Mr Charlie McCreevy TD, thanked all the various bodies involved in drawing it up and said that publication of the second edition showed the extent of the practical work being done across the economy, both in the private and the public sectors, to prepare for the changeover to the euro. Publication of the second edition will encourage economic agents to intensify their preparations so that Ireland will have a smooth and orderly transition to the euro.

The second edition of the National Changeover Plan is available on the Internet on the Department of Finance page on <http://www.irlgov.ie/finance> and on the website of Ireland's EMU Business Awareness Campaign on <http://www.emuaware.forfas.ie>

 
16-01-1998


 
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