Ireland and the euro: Q & A

Questions and answers that clarify the euro changeover of the next few weeks.

Q. Do people need to change their Irish pounds into euros immediately?

A. No. There is a dual circulation period until February 9.

Q. When will euro notes be available from cash machines?

A. All ATM machines will close at 1.30am on New Year’s Day and it is planned that most will be distributing the new currency by around 5pm that evening.

Q. Will prices rise as a result of the change?

A. Prices should be identical in value. Currency converter calculators have been sent to all homes so people can check. Many places have signed up to codes of practice to ensure the changeover is not used as a cover for price hikes.

Q. How much Irish currency can be exchanged for euros at banks, building societies and post offices?

A. A total of £500 in notes and coins can be exchanged per person at banks, building societies and post offices.

Q. How long after February 9 must Irish notes and coins be changed into euros?

A. The time period differs between different banks. The Central Bank has said that it will continue to change currency indefinitely.

Q. Can goods be bought using a combination of Irish pounds and euros?

A. Yes. During the dual circulation period a combination of the two currencies can be used in the same transaction, but this is strongly advised against due to the risk of delays and errors.

Q. Can euro cheque books be used in other countries where the euro is the currency?

A. No. There is no European-wide clearing system for cheques so euro cheques written in Ireland will be valid only there.

Q. Will cheques in Irish pounds still be valid?

A. Any cheque in the Irish pound denomination will be valid for up to six months as long as it was written before December 31.

Q. Where in Europe can the euro currency not be used?

A. Britain, Denmark and Sweden are not bringing in the euro on January 1, 2002.