The payment of social welfare will massively boost the amount of euro notes and coins in circulation here, with a huge number of €5 notes in particular expected to be injected into the cash system over the coming days.
Mr Philip Hamell, chairman of the Euro Changeover Board of Ireland (ECBI), said payments of more than €20 will include at least four €5 notes. Civil Service and other payrolls and pensions will also be paid in euro.
"We are confident that things are working smoothly. Retail staff are well trained, there is a high level of awareness among the general public and they are anxious to get euro notes and coins," he said yesterday. The ECBI says the cash machine network was almost totally back by close of business yesterday with more than 85 per cent believed to be distributing euro notes across the Republic. Mr Hamell pointed out that this was above the EU average of 80 per cent. Referring to problems with some pubs refusing to take coins from customers, Mr Hamell urged individuals to refer complaints to the Office of the Director of Consumer Affairs or to take their business elsewhere. "Irish notes and coins are still legal tender and should be accepted by businesses."
The Changeover Board is confident that retailers will not run out of euro, pointing out that the Central Bank has minted 200 million euro notes and 1,000 million coins.Businesses can have their cash supplies replenished at financial institutions.
Where a retailer does run out of euro notes and returns change in pounds customers should accept them. Mr Hamell said that as customers will still be leaving the shop with fewer Irish pounds after making purchases this still forms part of the changeover. Parking meters are generally operating smoothly and are accepting both currencies.
Public bodies such as the motor taxation offices are also operating in both currencies but will only give change back in euro. Public transport operators have also confirmed that services have been operating normally.
Passengers have been encouraged to buy pre-paid tickets or if paying in cash to use only one currency. Retail outlets are charging in euro and utilities such as electricity, gas and telephone companies are now billing in euro.
"We ask that people use one currency only when paying for an item, rather than offering a mix of euro and Irish pounds. Be patient and allow a little extra time when purchasing goods and services as we all get used to the new currency. Also remember to use the euro coins from your starter pack," Mr Hamell said.