Over €350m worth of punts have still not been exchanged

It may be almost 15 years since the punt was removed from circulation as legal tender, but more than €350m worth of coins and notes is still outstanding.

The Department of Finance has confirmed that as of the end of last year, over €227m worth of notes and almost €124m worth of coins was still outstanding, according to Central Bank figures provided by Finance Minister Michael Noonan in response to a parliamentary question from Fianna Fáil’s Michael McGrath.

The Irish punt banknotes and coins lost legal tender status on February 9, 2002.

However, the cash and coins can still be exchanged for euro at the Central Bank simply by sending it by post or by using a drop box facility at its head office.

Once the money is verified by the bank’s currency issue department, its euro equivalent is reimbursed via electronic transfer to the customer’s nominated bank account. The bank will not do the exchange over the counter.

The use of the exchange facility, though, has gradually dwindled as the years have passed.

In 2010, for example, more than €2.8m worth of notes and €344,000 worth of coins was exchanged. By 2016, that had fallen to €1.3m worth of notes and €194,000 worth of coins.

The risk remains, though, that money handed in for exchange may have been acquired as a result of criminal activity so a number of security measures are in place.

“The customer must furnish the Central Bank with valid photographic identification,” Mr Noonan said in the response.

“ The Central Bank of Ireland may forward details, including copies of ID received, of all payments for the exchange of IEPs and Euro to An Garda Síochána.

“Details may also be provided to the Revenue Commissioners.”