Q: I received the following in an e-mail recently: "If you have an Irish punt cheque book, make sure to return unused cheques to the bank. There is a 7 per cent tax rate on all cheques issued, used or not. You should contact your branch about this." Is there any truth in the matter? (From Mr Cian Connaughton, Dublin.)
A: When you were issued with your last Irish pound cheque book, your account was automatically debited by about 7p per cheque. To get this money back, any unused Irish pound cheque books should be returned to the institution which issued them before February 9th, according to Mr Felix O'Regan of the Irish Bankers' Federation (IBF).
"This is not a bank charge; the duty is paid to the Government. The bank is acting as a collecting agent," Mr O'Regan stressed. The cheque book can also be posted back and the amount credited to your account.
Mr O'Regan said he expected some charities would mount campaigns requesting donations of unused cheques.
Q: What will be the position about punt-based postage stamps after January 1st? May unused 30p stamps be used after that date or are they to be traded in for 38c stamps? (From Mr John McCormack, Limerick, by e-mail.)
A: An Post's head of communications, Mr John Foley, said stamps which feature only the old currency will be valid until the end of December 2002.
He said Irish stamps had featured both euro and Irish pound prices since August of last year (2000) which would also remain valid until the end of 2002.
Stamps produced in the new year will be euro-denominated only. Customers are asked to use their punts-denominated stamps as soon as possible in the new year.
Euro-denominated stamps produced in Ireland cannot be used anywhere else in the euro zone. There are no plans to change the current policy which does not allow stamps from other countries to be used in Ireland and vice versa.
Q: Can you advise if there will be any charges (other than normal foreign currency commission) when I lodge a sterling cheque into my mother's bank account in Ireland after January 1st, 2002?
A: The Irish Bankers' Federation's Mr Felix O'Regan said the usual transaction charges and exchange-rate risk would apply, but there should not be any additional charges.
"All we are doing is moving from the relationship sterling has with the Irish pound to one which involves the euro. Sterling will still be a floating currency as far as we're concerned," he said.