EURO: A sharp rise in the number of people using euros is expected to see most cash payments in the Republic being made in the single currency by Sunday. This compares to about a third of all transactions yesterday.
The revised projections will put the Republic well ahead of the European average and of the Euro Changeover Board of Ireland's (ECBI) targets.
The European Commission said yesterday that some 60 million - or one in five - European Union citizens now hold the new notes and coins.
According to the ECBI, around a third of all cash transactions in the Republic yesterday were in euros and the volume will be boosted today by social welfare payments, including pensions.
The Central Bank said last night that €2.6 million (£2 million) was now in circulation.
The amount of Irish currency circulating is £3.2 million, 11 per cent less than at the end of December.
The Bank is advising the public to use their euro notes and coins in everyday transactions.
"There can be a tendency in these early days for people to use banknotes when shopping as they get used to the look and feel of the new currency. We would encourage people to use their small euro change as well as the banknotes when spending in shops," a spokesman said yesterday.
Mr Philip Hamell, chairman of the ECBI, said he believed its target of having the bulk of transactions in euro by the end of the first two weeks in January will now be exceeded.
European Central Bank (ECB) president Mr Wim Duisenberg said the changeover was progressing beyond its expectations.
"Today we can see that our efforts and those of all parties involved have not been in vain," he said after an ECB meeting in Frankfurt yesterday. He paid tribute to all Europeans for playing an active part in the changeover.
He noted that shortages of some of the lower denomination bank notes had been reported in certain regions but said there were sufficient reserves to meet high demand.
Dublin Chamber of Commerce said that some £285 million will be taken in by Irish businesses every day over the next two weeks as part of the changeover.
"Given the public's enthusiasm for the changeover, we would expect the majority of these pounds to be taken up by the retail and banking sectors over the next 14 days," Chamber of Commerce chief executive Ms Gina Quin said.
She also called on Irish businesses to strategically assess the ways in which the euro can be used to boost Irish export figures. A single European currency should create more opportunities for Irish firms to trade internationally, Ms Quin said.
According to the Central Bank, the largest number of Irish notes to be withdrawn from circulation have been £20 and £50, falling by 14 per cent and 10 per cent respectively. The amount of Irish coins in circulation is 9 per cent down at £278 million.
Based on figures provided by banks across the 12 euro-zone states, the European Commission estimates that 60 million of the 300 million EU citizens have euro notes, while more than 200 million have coins.
More than 90 per cent of ATMs across the euro zone had been adapted to the euro by Wednesday. All ATMs are back in operation in the Republic.
"The adaptation of the equipment is almost finished in six countries (Germany, Austria, Belgium, Ireland, Luxembourg and the Netherlands) and in more than 90 percent of cases in the three others (France, Spain and Greece)," the Commission said yesterday.
