In order to reduce the risk involved in transporting the national notes that have been withdrawn from circulation, banks have proposed having these notes invalidated on the premises of commercial banks. NCBs are, however, extremely reluctant to go along with this proposition. Only in the Netherlands has a decision been reached whereby banks are allowed to invalidate old notes under specific conditions and using a special device. There may be a shift in this restrictive policy, as the ECB stated during a meeting on 15 December 1998 on the 2002 cash changeover that it was considering a proposal for having notes invalidated on the premises of commercial banks, as this would represent a significant saving in terms of storage and transport capacity. It was, however, stated that this is only conceivable if responsibility for security equipment and the costs were borne solely by the public authorities.
Coins are obviously a far greater logistical problem than notes.
That is why, in most countries, banks are at least considering launching a campaign in the last quarter of 2001 to encourage their customers to hand in old coins before E-day. The general idea is that consumers with small stocks of cash in national denominations will spend their notes and coin in retail outlets, where they will obtain change in euro coins, and will withdraw new euro notes from bank counters and ATMs. ATMs are the primary source of banknotes for the general public. A smooth conversion of the ATMs is a prerequisite for a successful and quick changeover. The ECB is fairly optimistic about the picture that emerged after meetings with third parties, including ATM manufacturers.