In Italy, the Irish pound valued during the week at a pre-commission rate of 2,458.56 lire.

In effect, this means an Irish tourist changing £100 in Rome would have received 254,856 lire minus commission.

Commission varies from bank to bank. Rates range from 1 per cent to 2.5 per cent, while exchange offices can charge between 3 per cent and 5 per cent.

While all the nationwide banks (Credito Italiano, Banca di Roma, Banca Commerciale etc) will not "negotiate" the commission rate with clients, exchange bureaux obviously will and often do reduce their commission rates, especially if a sizeable sum of money (more than £500) is being changed.