Opinion of the European Central Bank at the request of the Euro Changeover Board of Ireland on draft Ministerial Orders issued under the Economic and Monetary Union Act, 1998 (CON/00/13)
Date: 2000-06-07
Institutions: European Central Bank
Subjects: Ireland, issuing of currency, monetary integration, money, national law

OPINION OF THE EUROPEAN CENTRAL BANK

at the request of the Euro Changeover Board of Ireland on draft Ministerial Orders issued

under the Economic and Monetary Union Act, 1998

CON/00/13

1.

On  24  May  2000  the  European  Central  Bank  (ECB)  received  a  request  from  the  Euro

Changeover Board of Ireland for an ECB Opinion on draft Ministerial Orders issued under the

Economic and Monetary Union Act, 1998.

2.

The  ECB’s  competence  to  deliver  an  opinion  is  based  on  Article 2  of  the  Council  Decision

(98/415/EC)  of  29 June  1998  on  the  consultation  of  the  European  Central  Bank  by  national

authorities regarding draft legislative provisions, as the legislative proposal contains provisions

concerning  currency  matters.  In  accordance  with  Article  17.5,  first  sentence,  of  the  Rules  of

Procedure of the European Central Bank, this ECB Opinion has been adopted by the Governing

Council of the ECB.

3. 

The  Ministerial  Orders  make  provision  for  the  following:  (1)  in  accordance  with  Regulation

(EC)  No.  974/98  and  section  9(1)  of  the  Economic  and  Monetary  Union  Act,  1998,  the

retention  of  legal  tender  status  for  banknotes  and  coins  denominated  in  Irish  pounds  until

9 February 2002; (2) in accordance with section 15 of the Economic and Monetary Union Act,

1998, the calling-in of decimal coins of all denominations in Irish pounds and a commemorative

coin  with  effect  from  the  date  of  withdrawal  of  legal  tender  status;  (3)  in  accordance  with

section  11(1)  of  the  Economic  and  Monetary  Union  Act,  1998,  the  technical  specifications,

dimensions  and  design  of  euro  and  cent  coins  provided  by  the  Minister  for  Finance  (in

compliance  with  Council  Regulation  (EC)  No.  975/98  of  3  May  1998  on  denominations  and

technical  specifications  of  euro  coins  intended  for  circulation,  as  amended  by  Council

Regulation  (EC)  No.  423/1999  of  22  February  1999  amending  Regulation  (EC)  No.  975/98);

and (4) in accordance with Section 11(2) of the Economic and Monetary Union Act, 1998, the

issuance of euro and cent coins with effect from 1 January 2002.

4. 

The ECB notes the decision by the Irish Government to end the period of dual  circulation  of

euro and Irish pound banknotes and coins at midnight on 9 February 2002 by withdrawing the

legal  tender  status  of  Irish  banknotes  and  coins  from  that  date.  This  decision  will  facilitate  a

rapid cash changeover in Ireland.

5. 

The ECB agrees that it would not be appropriate to repeat in Irish law the denominations and

technical  specifications  for  euro  coins  prescribed  by  Council  Regulation  (EC)  No.  975/98  of

3 May  1998  on  denominations  and  technical  specifications  of  euro  coins  intended  for

circulation,  as  amended  by  Council  Regulation  (EC)  No.  423/1999  of  22  February  1999

amending Regulation (EC) No. 975/98. The ECB notes that the Ministerial Order prescribing

the  design  of  coins  provided  by  the  Minister  for  Finance  attaches  as  a  schedule  to  the

Ministerial  Order  the  agreed  text  describing  the  designs  for  the  common  face  of  each  of  the

coins, as approved by the ECOFIN Council and announced at the June 1997 European Council

meeting in Amsterdam. The ECB notes that this text has not been set out in any formal legal

instrument  to  date.  The  ECB  welcomes  the  decision  by  the  Irish  Government,  in  conjunction

with  six  of  the  other  participating  Member  States,  to  adopt  a  common  edge  lettering  for  the

EUR 2  coin,  which  will  further  enhance  the  harmonisation  of  the  technical  specifications  for

such coins circulating throughout the euro area.

6. 

The  ECB  confirms  that  it  has  no  objection  to  this  ECB  Opinion  being  made  public  by  the

competent national authorities at their discretion.

Done at Frankfurt am Main on 7 June 2000.

The President of the ECB

[signed]

Willem F. Duisenberg