Next week will see the start of the distribution of euro coins to financial institutions in Ireland in preparation for the physical introduction of the new currency on January 1st, 2001.
Around one billion coins - 5,000 tonnes in all, totalling €230 million - will be distributed to banks over the next four months. The coins will range in denomination from one cent to €2.
"The distribution is being done on a phased basis. That's why it is starting this early. It is obviously a very major job because we have to get so much of the coin out there," said a spokesman for the Central Bank.
The distribution of bank notes will start in October. In Ireland, around €4 billion in notes will be ready for the January 1st deadline. The massive logistical and security operation of transporting the coins, which swings into action next week, will involve an unprecedented co-operation between the Central Bank, individual banks, the Garda and the Defence Forces.
Details of the roll-out are being kept a closely guarded secret. It is understood that the frontloading of the new currency to banks will result in a 100 per cent increase in the number of cash-in-transit operations normally carried out by the army with the Garda. Cash-in-transits are receiving top priority from the Defence Forces.
