Security for retailers, who will have to store possibly four times the usual amount of cash on their premises during the period of the changeover to the euro at the end of next year and the beginning of 2002, will be a major problem, according to Mr David Croughan, chief economist with IBEC, the employers' confederation.
Both euros and pounds will be legal tender from January 1st, 2001 until February 9th. But, after January 1st, retailers will be allowed give change to customers only in euros, whatever currency is tendered.
Retailers will be allowed to acquire euros from the banks for three months before the changeover. The cash storage will be exacerbated by the busy Christmas trade and the January sales.
"There is no question it's a major problem, but one we just have to come to terms with. The trick will be to pre-deliver cash, in particular to small retail outlets, as late as possible and as close to January 1st," he says.
A spokesman for the Irish Bankers' Federation said security would be a responsibility for all the parties involved.
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