European Central Bank president Mr Wim Duisenberg said yesterday the introduction of euro notes and coins next January was an "unprecedented logistical challenge".
Appearing at the Central Bank's euro changeover conference in Dublin yesterday, he said the process had gone well so far, with 80 per cent of the required 14 billion bank notes and 50 billion coins in central bank vaults already.
Mr Duisenberg was sharing a platform with Mr Charlie McCreevy and the two seemed to have mended fences after differences over the Minister for Finance's last Budget.
The ECB president said he had been present when the Minister defended his Budget to other finance ministers. "I was there when Minister McCreevy gave his fantastic defence," he said with an obviously delighted Mr McCreevy at his side. He added for the ECB to further comment on an individual state would "exceed my competence".
However, last February Mr Duisenberg was more forthcoming, arguing that instead of ignoring the reprimand, the Government should introduce less inflationary economic policies. "Although Ireland is one of the most successful economies in the euro area, the budgetary plans of the Irish Government were clearly out of line with the broad guidelines that were agreed. I do have full understanding of the judgment that has been reached, albeit in difficult circumstances," Mr Duisenberg said then.
Irish Central Bank governor Mr Maurice O'Connell yesterday said Ireland was meeting its production target of one billion coins and 200 million notes.
He also stressed the Bank was encouraging the public to hunt out any coins they had. "On average, every house has about £24 in idle coins. We would welcome the release of these coins sooner rather than later."
The new notes and coins will be released on a phased basis to banks from September 1st, according to national needs. Mr O'Connell said coins would be available to Irish institutions from September 1st with notes available from November 1st.
These can then be passed on to parties such as retailers and cash transit operations.
However, no currency will be available to the public before December 17th when £5 (#6.35) starter kits of euro coins will be released. Notes will not be available until January 1st because of the dangers of counterfeiting and confusion, according to Mr Duisenberg.
He added that he was sure the public would begin to think of `the euro as our money" at the beginning of the year. "It is already our money. When you pay in cash you are already paying euro but you are still obliged to pay in the current money. This psychological drawback will disappear on January 1st."
