Ireland gears up for the arrival of the Euro

More than 11 months before the event, Ireland is being actively geared up for the arrival of the euro.

More than 11 months before the event, Ireland is being actively geared up for the arrival of the euro.

On January 1 next the new European currency will become a fact of life, formally replacing the punt which will stop being legal tender just six weeks later.

The switch is being heralded as marking the biggest monetary change since the introduction of decimal currency some 30 years ago.

In reality, the impact will be even bigger than that because then the Republic’s money was transformed in tandem with that of the United Kingdom, including Northern Ireland, so although the effects were enormous, they were seamless, in an Irish context.

This time, the arrival of the euro will mean that from 2002 onwards, cash dealings on the southern side of the Irish border will be operated on a different basis from the non-eurozone north.

For months past, Irish people have been blitzed by an advertising campaign, involving, among others, former soccer international hero Paul McGrath, ramming home the consequences of the change.

The main core of the message has been the value of the euro - nearly 79 Irish pence, making the punt worth 1.27 euros.

The education process - orchestrated by a section of the Irish government’s Finance Department - will intensify in the months ahead, and be maintained well after what is now being dubbed Changeover Day.

John Norris, of the department’s euro Changeover Board, said ‘‘Our advice is learn the basic facts, and the value of the euro, watch prices of things in shops from now on, because more and more they are going to be dual priced, to ensure it is done fairly.’’

Familiarisation with the look of the new currency may prove difficult for some people. There will be seven notes, ranging from five euros to 500, which will be worth the equivalent of close-on £400.

And, for security reasons, the look of the notes will not be disclosed until about September.

A spokesman for Ireland’s Central Bank said: ‘‘We have to have enough time to educate the public, bank staff and retailers on how the recognise a real euro note, but not to be so early to give counterfeiters loads of time to try to copy its features and confuse the public.’’

Security measures being lined up include fluorescent fibres and watermarks.

The Central Bank official said: ‘‘They will be very difficult to replicate unless the forgers have invested millions of pounds in machinery.’’

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