Fears of euro chaos on New Year's night

There are fears that most businesses will not be ready for the euro when the changeover takes place at midnight on December 31st.

A new survey the the Irish Small and Medium Enterprises association reveals that only 13% of companies questioned are well prepared for the euro.

ISME spokesman John McGreal says it’s a recipe for disaster on New Year’s Night.

"We’re talking about pubs, clubs and hotels,” he said, “The party starts at midnight. I’m sure it will be going on until three, four or five in the morning.

"The problem is that most businesses will have to have a similar amount of cash in euros as they would have had in Irish cash. So if you’re a million pounds business, then you’ll have to have €1.27m”