Joint circulation set to be phased out sooner

The Government intends to shorten the period from January 2002 during which euros and Irish pounds circulate together in the economy from six months to less than two, the Minister for Finance, Mr McCreevy has confirmed. EU Finance Ministers meeting in Turku agreed to allow those member states who wanted to cut the double circulation period to do so following advice from central banks that it would be technically feasible. Governments have been under pressure from retailers who are anxious to reduce the burden of having to handle two lots of currency.

"We would intend after January 1st 2002 to hoover up existing Irish notes and coins in as short a time as possible, four to eight weeks," Mr McCreevy told journalists.

Ministers also agreed to look at the legal possibility of issuing to vulnerable groups like the blind small numbers of coins ahead of the official launch to familiarise them with the new shapes. Suggestions that large supplies of cash should go out into the retail system in advance to facilitate the launch appear to be legally impossible.