A new body has been set up to help Northern businesses prepare for the advent of the euro. Businessmen from both sides of the Border met in Belfast yesterday for the formal launch of the Northern Ireland Euro Preparations Forum.
Speaking at a reception in City Hall, the forum's chairman, Mr Neville Orr, of the Institute of Directors, said: "The euro will become a reality in less than 70 days. Yet many people still do not fully realise the impact it could have upon their businesses.
"That is why we have established the forum. We want, indeed we need, Northern Ireland businesses to get the message that they could well be affected. For those who are prepared it will offer an opportunity, but for those who are not it could pose a threat.
"Businesses have to consider now how they might be affected. They need to talk to customers and suppliers to see how they are preparing."
A spokesman for the Department of Economic Development, which is supporting the forum, said it would play a vital role in economic life in the North. "The government is very keen that members of the business community are aware of the impact the euro will have on them even though the UK is opting out of the euro.
"It will affect people here in many ways. For example, many of our companies have links with firms in the South, so they will be affected because the South is going in.
"It is vital that we get the message across that they need to look at their systems and decide how they will respond to the euro."
The forum is made up of representatives of local business organisations, the trade unions and the department. Among its members are Mr Bill Jeffrey, of the Federation of Small Businesses; Mr Bill Tosh, of the Confederation of British Industry in the North; Mr Denis Licence, of the Northern Ireland Chamber of Commerce and Industry; Mr Feargal McCormack, of the Institute of Chartered Accountants and Mr Colm McKenna, of the Northern Ireland Bankers' Association.
Yesterday's meeting was attended by Mr Philip Hamell, of the Euro Changeover Board of Ireland, who spoke about the experiences of the public sector in the Republic in preparing for the euro. The department spokesman said it was important to be informed of what was happening in the South. "It is common-sense that we learn from our neighbours," he said.