The euro made up 81 per cent of cash in Ireland, both coins and currency, at the close of business yesterday, according to figures released by the Central Bank.
Since its introduction in January, the Central Bank has released 143 million banknote and 1,011 million coins with a total value of €3.5 billion into circulation, an increase of €966 million, or 31 per cent.
The corresponding Irish pound amount in circulation is €810.2 million, or IR£638.1 million, indicating that 83 per cent of Irish currency has been returned to the Central Bank since January 1st.
However, the Irish Bankers Federation warned people that the period in which Irish currency would be accepted at the bank was running out and that it had advised banks around the country that:
- Irish pounds and coins will be accepted for exchange until February 28
- Irish coins will be accepted in customers lodgements until March 28
- Irish notes will be accepted into customer accounts until December 31,2002.
The Central Bank will continue to accept Irish currency indefinitely and will exchange foreign currency until March 28.