The National Treasury Management Agency (NTMA)

The National Treasury Management Agency is represented on the Single Currency Officers Team (SCOT).

From 1 January 1999:

(i)

New Irish Government debt: personal savings products: investments in Irish Government personal savings products, operated by An Post as agent for the NTMA, may be made in Irish pounds and euro. Arrangements for withdrawals from such products are set out at (ii) below. other new debt which would otherwise have been denominated in Irish pounds or in the national currency unit of another participating Member State will be denominated in euro. Facilities for quoting, trading and redemption of such debt are set out at (ii) below.

(ii)

Outstanding Irish Government debt: bonds* which were issued in, and would otherwise be redeemed in, Irish pounds will be redenominated in euro and will be quoted, traded and settled on the Irish Stock Exchange in euro only. The NTMA and the Stock Exchange have confirmed that primary dealers and other stockbrokers will be requested to translate transactions in such bonds into Irish pounds for clients who wish to transact in Irish pounds. For non-institutional investors a facility for the redemption of capital and payment of coupons, if any, in Irish pounds will be available on request to the Central Bank of Ireland in respect of these bonds. Exchequer Notes*, and Agricultural Commodity Intervention Bills issued by the NTMA as agent of the Minister for Agriculture and Food, will be redenominated in euro and will be quoted, traded and settled in euro. The NTMA will settle Exchequer notes in Irish pounds for non-institutional investors who wish to settle in Irish pounds. "Section 69" notes* denominated in Irish pounds will be redenominated in euro but the investor may request settlement in Irish pounds or in euro. "Section 69" notes denominated in the national currency unit of another participating Member State will not be redenominated in euro but holders who so wish may receive payments of principal and interest in euro. debt securities (including medium term notes) denominated in the national currency unit of another participating Member State will not be redenominated in euro. However, holders of such securities who so wish may receive payments of principal and interest in euro, subject to the agreement of the agent banks. The Minister for Finance reserves the right to redenominate such instruments prior to 1 January 2002. loans denominated in the national currency unit of another participating Member State, unless agreed otherwise with the lending institution(s) and the agent bank(s), will not be redenominated in euro. However, where the lending institution(s) and the agent bank(s) so agree, payments of principal and interest will on request be made in euro. personal savings products: withdrawals from Post Office Savings Bank demand deposit accounts at Post Office counters may be made in Irish pounds only. All other withdrawals from Irish Government personal savings products, operated by An Post as agent for the NTMA, may be made in Irish pounds and euro.

From 1 January 2002:

(iii)	new Irish Government debt, including Irish Government personal savings products, which would otherwise have been denominated in Irish pounds or in the national currency unit of another participating Member State will be denominated in euro only.
(iv)	any outstanding Irish Government debt, including Government personal savings products, which is still denominated in Irish pounds or in the national currency unit of another participating Member State will be redenominated in euro.
(v)	transaction facilities referred to at (i) and (ii) above will be in euro only.

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* the method to be used for the redenomination of negotiable debt instruments, and "Section 69" notes, issued by or on behalf of the State under Irish law and denominated in Irish pounds has been specified in a Ministerial Order (S.I. No. 424 of 1998), as provided for in Section 23(1) of the Economic and Monetary Union Act, 1998. Details of the technical arrangements are set out in an information booklet (dated 9June 1998) issued by the NTMA.