Officials take to the streets to celebrate arrival of euro

A"street event" in Dublin on December 31st will herald in the euro era.

A"street event" in Dublin on December 31st will herald in the euro era.

Minister for Finance Mr McCreevy, Central Bank governor Mr Maurice O'Connell and Euro Changeover Board of Ireland chairman Mr Philip Hamell will meet on the corner of Grafton Street and St Stephens' Green at 12.30 p.m. to announce the birth of the new currency.

There will be music and officials will hand out leaflets giving last-minute advice to anyone in sight.

During its programme ushering in the New Year, RT╔ will host a euro quiz, the prize money will be in euros and Central Bank staff will be showing the new euro notes and coins, a handy thing for those revellers still in pubs and restaurants who will have to face the stark reality of the changeover from midnight.

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On New Year's Day at 12.30 p.m., the Taoiseach, Mr Ahern, will go shopping in one of his local shops in Drumcondra to make his first purchase in euros and the nation's cameras will be there.

Accounts in financial institutions convert to euros on January 1st. From then on, money going out of the financial system into the economy will be in euros and Irish pound money going back into the financial system will be retained and not released.

"The pump out of the well turns euro and the water going into the well, if it contains Irish, is filtered out," is how Mr Hamell of the changeover board graphically describes it.

Around 80 per cent of ATMs will be converted to euros from day one and will be dispensing the new currency.

Social welfare payments, wages and salaries will be in euros.

Retailers will give out change in euro notes and coins, and withdrawals from financial institutions will also be in euros.

"Effectively by the end of week two, we expect the bulk of cash transactions will be in euros," Mr Hamell says.