Final days of Punt

The punt was today in its final day of being the sole official currency of the Republic.

As the clocks strike midnight, amid the cheers and strains of Auld Lang Syne, bank workers will be feverishly filling cash machines with stocks of the new euro notes.

It signals the introduction of the euro, which will be the only legal tender in the Republic when the punt is officially phased out on February 9.

Over the weekend banks and building societies have being carefully converting millions of accounts into euros.

Shops have been putting in place the final touches to ensure that their tills will cope with the new coins and notes, and that staff are trained for the changeover.

Later today Finance Minister Charlie McCreevy will be joining a special ceremony in central Dublin to mark the currency switch.

Together with Central Bank Governor Maurice O’Connell and Euro Changeover Board of Ireland’s Philip Hamell, he was taking part in an event, complete with music, to announce the birth of the euro.

The minister has given his final advice to people ahead of the change.

He said: ‘‘From Tuesday all accounts in financial institutions - banks building societies, credit unions and post offices - will be converted into euros.

‘‘Most cash points will dispense euro notes by teatime on New Years Day. Shops will accept Irish pounds, but give euros and cents in change.’’

Writing in the Irish News of the World, he added: ‘‘My advice is to make yourself and members of your family aware of the conversion rate and use up old Irish notes and coins as soon as possible.’’

A huge advertising campaign has been launched in the Republic and the phrase that has been ringing out of radios and television sets across the country reminds people that one euro is worth around 79p.

And as the old notes and coins are phased out plans are in place for how to destroy them.

The coins are destined to be sold to a company in Spain to be melted down for eventual conversion into coinage for other countries - including Britain.

The old paper money will be shredded, compressed into bricks and become part of landfill sites in various parts of Ireland.

In the meantime, the Central Bank will continue to exchange old money submitted by people for an indefinite period - and the same applies to any cash dating back to pre-decimalisation days.

On New Year’s Day Taoiseach Bertie Ahern is due to go on a high-profile shopping trip with the new cash in his Dublin constituency.