Few glitches as systems respond to changeover

A quiet day's trading on the international capital markets with the euro proved the success of the weekend systems changeover…

A quiet day's trading on the international capital markets with the euro proved the success of the weekend systems changeover to the new currency. Some minor hitches led to trading in the wholesale interbank money market in Frankfurt being extended, but no major problems have appeared.

The main banks in Dublin declared themselves satisfied yesterday with the way their systems had dealt with the new currency. Meanwhile the new TARGET payment system operated by the euro-zone central banks to settle large payments in euro was up and running from 6a m yesterday, although trading hours were extended due to some minor technical problems. In a statement the Central Bank of Ireland said that its changeover had been completed successfully and that the euro money and foreign exchange markets in Dublin functioned smoothly yesterday. The main banking groups here said that their systems had been successfully converted. Ms Caitriona Murphy, AIB's head of EMU planning, said a number of "dry runs" had been carried out and contingencies had been built in.

Mr Michael Watson, Bank of Ireland's head of EMU planning, said further trading on the international markets may expose some glitches as systems cope with payments being made and received on a pan-European basis. Anglo-Irish Bank's chief manager of Treasury operations, Mr Philip Duff, described yesterday as "a good debut".

Mr Pat McArdle, of Ulster Bank, said systems changes and trading in the euro went "remarkably well".