Bank denies counterfeit Euro flood

The Central Bank of Ireland is dismissing suggestions that Europe will be flooded with counterfeit notes next January. A report from London yesterday suggested that criminal gangs are planning to cash in on the launch of the Euro because most people won’t formally recognise the new notes at the outset. The Euro will become official currency in the Republic of Ireland on January 1st, 2002.

According to the anti-fraud squad in London, criminal gangs are planning to flood Europe with counterfeit Euro notes early next year. It is believed that the lack of familiarity with the new currency will allow such gangs to deceive millions of consumers right across the 12-nation Euro zone. However, the Central Bank of Ireland said last night that it would be extremely difficult for criminals to mass produce counterfeit Euro notes. A spokesperson for the Bank said that the unique distinguishable features that characterise Euro notes wouldn’t be unveiled until September. In addition, a major publicity campaign will get underway in the Autumn to highlight the legitimate features on a Euro note, thus making it difficult for criminals to make a financial killing.