The changeover to the euro.

1
The changeoverto the euro.

• A presentation by the
• Euro Changeover Board of Ireland

2
The euro timetable.

• 1 January 1999 - the euro started
• 1.1.99 - 31.12.2001 - transitional period
• 1 January 2002 - euro notes and coins

3
The cash changeover.The key dates.

• Starts 1 January 2002
• Euro notes and coins come in
• Dual circulation period
  
• - use of euro cash increasing
  
• - use of IR decreasing
• Dual circulation ends, Saturday, 9 Feb 2002

4
The cash changeover.The basic mechanism.

• 1 January 2002 accounts convert to euro
• Cash going out of banks, post offices etc. will
  be in euro
• IR cash coming in will be kept
• Bulk of cash transactions in euro by end of two
  weeks

5
The cash changeover.What key players will do (1)

• Bank accounts convert to euro, free
• Cash withdrawals in euro
• ATMs begin to dispense euro notes
• Pay, pensions, Social Welfare payments in euro

6
The cash changeover.What key players will do (2)

• Retailers will charge in euro only
• Retailers will give change in euro only
• Banks etc. will provide cash exchange up to at
  least 500 per person
• Banks etc. will accept lodgement of IR cash

7
The value of the euro.

• 1 euro just under 79p
  (exact rate 0.787564 to be used in all
  conversions)
• So a pound will get you 1 euro and 27 cent
• Rule of thumb a pound is worth roughly one and
  a quarter euro
• Code of conduct fair conversion

8
The euro notes coins.

• Notes
• 5, 10, 20, 50, 100, 200, 500 euro
• Notes the same in all euro countries
• Coins
• 1, 2, 5, 10, 20 and 50 cent
  and 1 and 2 euro
• One side common to all euro countries
• Other side has national symbol
• Ireland harp and Éire

9
What should I do now ?

• Learn the dates
• 1 January 2002 and 9 February 2002
• Learn the value
• A pound will get you 1 euro 27 cent (rough
  rule add a quarter)
• Notice dual display
• Learn what euro notes and coins look like
• Use up your hoarded coins well in advance

10
Further information.

• General
• Euro Changeover Board of Ireland
• Locall 1890 20 10 50
• Web www.euro.ie
• Consumer
• Office of the Director of Consumer Affairs
• Locall 1890 22 02 29
• Web www.odca.ie