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Return to Bank of Ireland Group HomeEuro Update

On 1 January 1999, the euro became the single national currency of Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. Greece joined on 1 January 2001.

These countries are commonly known as the "euro zone countries" and their old national currencies are commonly referred to as "participating" or "legacy" currencies.

On 1 January 2002 - € day - The euro became a reality with the introduction of euro notes and coins in all euro zone countries and the conversion of all financial operations to euro.

Other EU countries UK, Denmark and Sweden have not changed their national currency but may join at a later date.

The key changes for euro zone countries were on 1st January 2002:-

1. Accounts and dealing in legacy currencies were re-denominated to euro.
2. Euro notes and coins were introduced into circulation and legacy currencies withdrawn.
3. Cheques/drafts and other payments are no longer issued in legacy currencies.

• Euro Notes & Coins
• Cheques & Drafts
• Credit Cards
• Other Payments
• Accounts
• How Much is a euro Worth?
• Any other Questions?
  If you have any further questions, please contact your local Bank of Ireland branch or Relationship Manager
• Some Useful Websites

For the history student... the story of money in Ireland

• It is reckoned that cash was first introduced to Ireland by the Vikings in 1000 A.D.
• The value of Irish money was pegged to the value of money in Britain after the Anglo Norman invasions began in 1169
• A variety of coins circulated on the island of Ireland until the so-called "Union of the Crowns", completed by William of Orange in 1690
• When the Bank of Ireland was founded in 1783, the Irish Pound was worth 92% of Sterling but it fell in value by around 10% at the turn of the 19th century after a series of bad harvests.
• It stabilised after the Act of Union in 1801 and the two currencies were formally amalgamated in 1826.
• The Irish Punt was created in 1927, five years after the creation of the Free State.
• The Punt remained tied to Sterling and they decimalised together in 1971 before parting company when Ireland joined the ERM in 1979.
• Only on two brief occasions, has the Punt overtaken Sterling in value and the average exchange rate since 1979 has been close to 90p.
• It is well know that banks in Northern Ireland issue their own notes which, strictly speaking, are not legal tender but few may be aware that at the beginning of the 19th century there was an Ulster Pound which floated in value against both Dublin and London.