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The Irish Stock Exchange changed over to the single European currency, the euro, on its first day of trading in 1999. The Chairman of the Irish Stock Exchange, Mr David Kingston, Chief Executive, Mr Tom Healy and Mr Philip Hamell the Chairperson of the Euro Changeover Board of Ireland were present when trading commenced this morning, (Monday 4th January 1999). The single European currency, the euro, came into being in eleven European countries on New Year's Day and the conversion rates of the currencies of those Member States against the euro were irrevocably fixed.
The Euro Changeover Board of Ireland's campaign to promote the euro includes a comprehensive communications plan to ensure all communities in Ireland are informed of the changeover to the euro, the key dates and the conversion rate. "Many organisations in the public and private sector are introducing dual display, that is displaying cash values in euro as well as in punts, to help their customers adjust to the changeover. The euro can now be used for cashless transactions and the notes and coins will be introduced in 2002. The three years between the introduction of the euro and the changeover to euro notes and coins will allow all sections of our community to prepare for the changeover and to get used to the new currency," Mr Hamell said. Arrangements have been made by the public sector for the changeover. The organisations involved include Government Departments, Local Authorities, State Sponsored Bodies, the Central Bank and the National Treasury Management Agency as well as private sector bodies including the Irish Stock Exchange, the banks, insurance companies and members of IBEC. Examples of the introduction of dual display in the public sector include: Telecom Eireann will begin showing the total amount on bills in both Irish pounds and euro from this month and the ESB and An Bord Gais will begin doing so from mid 1999. From Spring 1999, the tax free allowance (TFA) certificates from the Revenue Commissioners will show annual, weekly and monthly TFA amounts in Irish punts and euro. Bus Átha Cliath - Dublin Bus - will show fare amounts on the bus tickets in both Irish punts and euro from mid 1999. Pre-printed tickets from all three companies in the CIE Group ( Bus Átha Cliath, Bus Éireann and Iarnrod Éireann) will show fares in both Irish punts and euro from mid 1999. During 1999, payslips from Government Departments will show the net pay amount in both Irish punts and euro. Television licences and renewal notices will show the licence fee in both Irish punts and euro as soon as possible in 1999. The Department of Social, Community and Family affairs will produce a leaflet showing welfare payment rates in both Irish punts and euro. |
