BANKS & BUILDING SOCIETIES

Conversion of Accounts

• On 1 January 2002, accounts in Irish pounds will be automatically converted to euro at the conversion rate, free of charge. Accounts in other euro area currencies will also be automatically converted to euro, at the appropriate conversion rate, free of charge
• Your first account statement(s) for 2002 will provide details of your account(s) following conversion to euro on 1 January 2002.

ATMs (Cash Dispensers)

• ATMs will continue to dispense only Irish pound notes until 1 January 2002
• All ATMs will close down at around 1.30am on 1 January 2002 to facilitate the changeover to euro note dispensing. They will come back into operation on a phased basis throughout the day
• By the close of business on 1 January 2002, the majority of ATMs will be back in normal operation and dispensing only euro notes
• Initially, ATMs will dispense mainly €10 and €20 notes, with other denominations such as €50 following soon thereafter.

Services
From 1 January 2002

• Withdrawals and lodgements will be processed in euro
• All services will be in euro
• Direct debits and standing orders will be automatically converted to euro, free of charge
• Irish pound notes and coins will continue to be accepted in customer lodgements after 9 February 2002, for a time to be determined by each institution.

Cash Exchange

• Banks and building societies will exchange, free of charge, household amounts of Irish notes and coins for euro from 1 January 2002 to 9 February 2002 and for a time afterwards to be determined by each institution. A "household amount" will be defined by each institution, but will be an overall total of at least £500 per individual. Conditions may be attached to cash exchange, e.g. bagging of coin, advance notice for large amounts.

Cheques

• From 1 January 2002 all cheques should be written in euro. To facilitate this, a new euro chequebook will be made available beforehand by your financial institution
• Cheques written in euro, which are drawn on institutions here, should only be used in the Republic of Ireland. Used elsewhere, they will take longer to process and may attract higher clearing charges
• Irish pound cheques written before or on 31 December 2001 will be valid for six months. However, in the interest of facilitating the early changeover to the euro, you should lodge all such cheques before 9 February 2002
• Your financial institution will have arrangements in place for refunding stamp duty on unused Irish pound cheques that you return.

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