Businesses in the Border towns of Newry and Derry are expecting a surge in the number of euro notes in circulation today as consumers and companies in the North get acquainted with the new currency.
Trading in the euro began in earnest yesterday in Northern Ireland, with large retailers in Border towns reporting brisk trade in the currency, while many banks saw a steady demand for euro notes at dual-currency cash-point machines.
Bank of Ireland has loaded £10 million sterling worth of euro notes at its 27 branches across Northern Ireland.
Although no business is obliged to accept the euro while Britain remains outside of the euro-zone, many companies and retailers in the North have decided that the new currency presents new business opportunities.
The vast majority of businesses and retailers in Newry and Derry are operating a three-currency system until February, although some retailers, such as Roches Stores, are refusing to accept the Irish pound at branches in the North.
According to Mr Luke Hasson, managing director of Austin & Company, one of the oldest established retailers in Derry, the euro will be good for Northern Ireland businesses.
He believes the 165-year-old family-owned department store must move with the times to protect its future trading position.
"We are a euro-friendly store, we are operating a dual-pricing policy and we will be doing business in three currencies until February. The euro is very good for us because there has always been a perception that my Irish pound is as good as your sterling pound in Derry.
"The new single currency will now deliver price transparency on both sides of the Border," he said.
Retailers in Newry, which has marketed itself as one of the North's most euro-aware towns, took a relaxed approach to customers who presented euro notes yesterday.
At Marks & Spencer in the Buttercrane shopping centre, every cash till was euro-compliant.
Ms Grainne McGreevy, a section manager with Marks & Spencer, said their staff had received extensive training to prepare them for euro shoppers.
"Because Newry is so close to the Border we believe it is essential to be able to offer our customers the flexibility to pay in sterling, euros, and until February, punts. We have always accepted the punt at Marks & Spencer and that policy will now extend to the euro," Ms McGreevy said.
Two shoppers who had their first experience of the euro yesterday in Newry, Mr Brian Doherty and his wife Hilary, said they believed the single currency would bring real benefits to people in the North.
"We are on our way to Dublin and we are hoping to test at first hand how convenient using the euro can be. We would be in favour of the euro particularly from the point of view of anyone who travels regularly.
"It should mean savings on exchange rates in the future and it is also going to help improve price transparency across Europe," Mr Doherty said.
According to Mr James McKechnie, store manager of Sainsbury's supermarket at the quays in Newry, there is a good level of euro-awareness among consumers in the North. The store began accepting euros as payment yesterday and Mr McKechnie said it was clear from the level of trade from early morning that people were already comfortable with the the new currency.
"There is a real demand from our customers for this. Our customers come from both sides of the Border. In many instances they live in Northern Ireland and work in the South so they are paid in euros - so it is only natural they will want to shop in euros," Mr McKechnie added.
Bank of Ireland expects that demand for euro notes will grow over the coming days in the North as people become more familiar with the new currency.
Mr Brian Kennedy, who is managing euro switch-over issues for the bank, said the steady trade in the sale of euros at its branches throughout the North suggested people were coming to terms with the euro.
