Irish Bankers' Federation
Irish Mortgage & Savings Association

STANDARD OF GOOD PRACTICE
on
BANK CHARGES FOR CONVERSION TO EURO
and
DUAL DISPLAY OF AMOUNTS

To facilitate the smooth changeover to the euro, Irish banks and building societies will observe the following Standard of Good Practice to meet the European Commission Recommendations on bank charges¹ and dual display².

	Banks and building societies will carry out free of conversion charge: Once-off conversions into euro of accounts denominated in Irish pounds or in any of the other participating currencies³, e.g. current, loan, savings, and mortgage accounts. Conversion of incoming and outgoing payments from euro into Irish pounds and vice versa e.g., cheques, lodgements, credit transfers, direct debits.
	Conversion of transactions denominated in participating currencies or euro and the exchange of participating currency notes and coin will be at the fixed euro conversion rates which will be shown. Any charges applied will be shown separately.
	Charging for services denominated in euro will be no different to the charging for identical services denominated in Irish pounds.
	The exchange for customers of "household amounts" of Irish pound notes and coin for euro up to an overall total of at least IR£500 from January 1 2002 and while Irish pound remains legal tender will be free of charge.
	Bank and building society account statements will carry a dual display of amounts which will at least include: Closing balance in Irish pounds and euro The euro amount, the Irish pound amount and the fixed conversion rate used in the case of transactions originating in euro for an account denominated in Irish pounds and vice versa.
	Prices and monetary amounts in customer literature and notices will be progressively dual displayed.

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1. Commission Recommendation 98/286/EC 961 of 1 May 1998 concerning banking charges for conversion to the euro
2. Commission Recommendation 98/287/EC of 1 May 1998 concerning dual display of prices and other monetary amounts
3. "Participating currencies" from 1 January 1999 are those of the following 11 EU Member States: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.