Proposal for a Council Regulation (EC) No …/… of […] on the introduction of the euro (Codified version)
Date: 2009-07-01
Institutions: European Commission
Subjects: EU Member State, EU financial instrument, European Monetary System, euro, euro area, exchange rate, national currency

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COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 1.7.2009 
COM(2009) 323 final 

2009/0083 (CNS) 

Proposal for a 

COUNCIL REGULATION (EC) No …/… 

of […] 

on the introduction of the euro 

(Codified version) 

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EXPLANATORY MEMORANDUM 

In  the  context  of  a  people’s  Europe,  the  Commission  attaches  great  importance  to 
simplifying  and  clarifying  Community  law  so  as  to  make  it  clearer  and  more 
accessible to the ordinary citizen, thus giving him new opportunities and the chance 
to make use of the specific rights it gives him. 

This aim cannot be achieved so long as numerous provisions that have been amended 
several times, often quite substantially, remain scattered, so that they must be sought 
partly  in  the  original  instrument  and  partly  in  later  amending  ones.  Considerable 
research work, comparing many different instruments, is thus needed to identify the 
current rules. 

For  this  reason  a  codification  of  rules  that  have  frequently  been  amended  is  also 
essential if Community law is to be clear and transparent. 

On  1 April 1987  the  Commission  therefore  decided1  to  instruct  its  staff  that  all 
legislative acts should be codified after no more than ten amendments, stressing that 
this  is  a  minimum  requirement  and  that  departments  should  endeavour  to  codify  at 
even  shorter  intervals  the  texts  for  which  they  are  responsible,  to  ensure  that  the 
Community rules are clear and readily understandable. 

The  Conclusions  of 
the  Edinburgh  European  Council 
(December 1992) confirmed this2, stressing the importance of codification as it offers 
certainty as to the law applicable to a given matter at a given time. 

the  Presidency  of 

Codification  must  be  undertaken  in  full  compliance  with  the  normal  Community 
legislative procedure. 

Given  that  no  changes  of  substance  may  be  made  to  the  instruments  affected  by 
codification, the European Parliament, the Council and the Commission have agreed, 
by  an  interinstitutional  agreement  dated  20 December 1994,  that  an  accelerated 
procedure may be used for the fast-track adoption of codification instruments. 

is 

this  proposal 

to  undertake  a  codification  of  Council 
The  purpose  of 
Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro3. The new 
Regulation  will  supersede  the  various  acts  incorporated  in  it4;  this  proposal  fully 
preserves  the  content  of  the  acts  being  codified  and  hence  does  no  more  than 
bringing  them  together  with  only  such  formal  amendments  as  are  required  by  the 
codification exercise itself. 

COM(87) 868 PV. 
See Annex 3 to Part A of the Conclusions. 
Carried out pursuant to the Communication from the Commission to the European Parliament and the 
Council – Codification of the Acquis communautaire, COM(2001) 645 final. 
See Annex II to this proposal. 

1. 

2. 

3. 

4. 

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5. 

The codification proposal was drawn up on the basis of a preliminary consolidation, 
in  all  official  languages,  of  Regulation (EC)  No 974/98  and  the  instruments 
amending  it,  carried  out  by  the  Office  for  Official  Publications  of  the  European 
Communities, by means of a data-processing system. Where the Articles have been 
given new numbers, the correlation between the old and the new numbers is shown 
in a table contained in Annex III to the codified Regulation. 

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(cid:208) 974/98 (adapted) 

2009/0083 (CNS) 

Proposal for a 

COUNCIL REGULATION (EC) No …/… 

of […] 

on the introduction of the euro (codified version) 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  establishing  the  European  Community,  and  in  particular 
Article ⌦ 123(4), third sentence ⌫ thereof, 

Having regard to the proposal from the Commission, 

Having regard to the opinion of the European Central Bank5, 

Having regard to the opinion of the European Parliament6, 

Whereas: 

(1) 

(2) 

Council  Regulation (EC)  No 974/98  of  3  May  1998  on  the  introduction  of  the  euro7 
has been substantially amended several times8. In the interests of clarity and rationality 
the said Regulation should be codified. 

(cid:208)  

(cid:208) 974/98 Recital 1 (adapted) 

This Regulation ⌦ should define ⌫ monetary law provisions of the Member States 
which have adopted the euro. Provisions on continuity of contracts, the replacement of 
references  to  the  ecu  in  legal  instruments  by  references to  the  euro  and  on  rounding 
have  already  been 
in  Council  Regulation (EC)  No [1103/97  of 
17 June 1997]  on  certain  provisions  relating  to  the  introduction  of  the  euro9.  The 
introduction  of  the  euro  concerns  day-to-day  operations  of  the  whole  population  in 
participating Member States. 

laid  down 

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6 
7 
8 
9 

OJ C […], […], p. […]. 
OJ C […], […], p. […]. 
OJ L 139, 11.5.1998, p. 1. 
See Annex II. 
[OJ L 162, 19.6.1997, p. 1.] 

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(3) 

(4) 

(cid:208) 974/98 Recital 2 (adapted) 

At the meeting of the European Council in Madrid on 15 and 16 December 1995, the 
decision  was  taken  that  the  term  ‘ecu’  used  by  the  Treaty  to  refer  to  the  European 
currency unit is a generic term. The Governments of the 15 Member States reached the 
common agreement that that decision is the agreed and definitive interpretation of the 
relevant  Treaty  provisions.  The  name  given  to  the  European  currency  ⌦ is ⌫  the 
‘euro’. The euro as the currency of the participating Member States ⌦ is ⌫ divided 
into  one  hundred  sub-units  with  the  name  ‘cent’.  The  definition  of  the  name  ‘cent’ 
does  not  prevent  the  use  of  variants  of  this  term  in  common  usage  in  the  Member 
States.  The  European  Council  furthermore  considered  that  the  name  of  the  single 
currency must be the same in all the official languages of the European Union, taking 
into account the existence of different alphabets. 

(cid:208) 974/98 Recital 3 (adapted) 

The  Council  when  acting 
sentence  of 
Article ⌦ 123(4) ⌫  of  the  Treaty ⌦ is  to ⌫  take  the  measures  necessary  for  the 
rapid introduction of the euro other than the adoption of the conversion rates. 

in  accordance  with 

third 

the 

(5)  Whenever  under  Article  ⌦ 122(2) ⌫  of  the  Treaty  a  Member  State  becomes  a 
participating  Member  State,  the  Council  ⌦ acting  in  accordance  with ⌫  Article 
⌦ 123(5) ⌫  of  the  Treaty  ⌦ is  to ⌫  take  the  other  measures  necessary  for  the 
rapid introduction of the euro as the single currency of this Member State. 

(cid:208) 974/98 Recital 4 (adapted) 

(cid:208) 974/98 Recital 5 (adapted) 

(6)  ⌦ In accordance with ⌫ the first sentence of Article ⌦ 123(4) ⌫ of the Treaty, the 
Council, at the starting date of the third stage, ⌦ adopted ⌫ the conversion rates at 
which the currencies of the participating Member States ⌦ were ⌫ irrevocably fixed 
and  at  which  irrevocably  fixed  rate  the  euro  ⌦ was ⌫  substituted  for  those 
currencies. 

(7) 

Given the absence of exchange rate risk either between the euro unit and the national 
currency units or between these national currency units, legislative provisions should 
be interpreted accordingly. 

(cid:208) 974/98 Recital 6 

(8) 

The term ‘contract’ used in the definition of legal instruments ⌦ should ⌫ include 
all types of contracts, irrespective of the way in which they are concluded. 

(cid:208) 974/98 Recital 7 (adapted) 

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(cid:208) 974/98 Recital 8 (adapted) 

(9) 

In  order  to  prepare  a  smooth  changeover  to  the  euro,  a  transitional  period  is  needed 
between  the  substitution  of  the  euro  for  the  currencies  of  the  participating  Member 
States  and  the  introduction  of  euro  banknotes  and  coins.  During  this  period  the 
national currency units ⌦ should ⌫ be defined as sub-divisions of the euro. Thereby 
a  legal  equivalence  is  established  between  the  euro  unit  and  the  national  currency 
units. 

(cid:208) 974/98 (adapted) 

(10)  Each  participating  Member  State  ⌦ should  be  able  to ⌫  allow  the  full  use  of  the 

euro unit in its territory during the transitional period. 

(11)  During the transitional period ⌦ it should be possible for ⌫ contracts, national laws 
and  other  legal  instruments ⌦ to ⌫  be  drawn  up  validly  in  the  euro  unit  or  in  the 
national currency unit. During this period, nothing in this Regulation should affect the 
validity of any reference to a national currency unit in any legal instrument. 

(12)  Unless  agreed  otherwise,  economic  agents  ⌦ should ⌫  have  to  respect  the 
denomination  of  a  legal  instrument  in  the  performance  of  all  acts  to  be  carried  out 
under that instrument. 

(13)  The euro unit and the national currency units are units of the same currency. It should 
be ensured that payments inside a participating Member State by crediting an account 
can  be  made  either  in  the  euro  unit  or  the  respective  national  currency  unit.  The 
provisions  on  payments  by  crediting  an  account  should  also  apply  to  those  cross-
border payments which are denominated in the euro unit or the national currency unit 
of  the  account  of  the  creditor.  It  is  necessary  to  ensure  the  smooth  functioning  of 
payment systems by laying down provisions dealing with the crediting of accounts by 
payment instruments credited through those systems. The provisions on payments by 
crediting an account should not imply that financial intermediaries are obliged to make 
available either other payment facilities or products denominated in any particular unit 
of  the  euro.  The  provisions  on  payments  by  crediting  an  account  ⌦ should ⌫  not 
prohibit  financial  intermediaries  from  coordinating  the  introduction  of  payment 
facilities  denominated  in  the  euro  unit  which  rely  on  a  common  technical 
infrastructure during the transitional period. 

(14) 

In  accordance  with  the  conclusions  reached  by  the  European  Council  at  its  meeting 
held in Madrid, new tradable public debt ⌦ was to be ⌫ issued in the euro unit by 
the participating Member States as from 1 January 1999. It is desirable to allow issuers 
of  debt  to  redenominate  outstanding  debt  in  the  euro  unit.  The  provisions  on 
redenomination  should  be  such  that  they  can  also  be  applied  in  the  jurisdictions  of 
third countries. Issuers should be enabled to redenominate outstanding debt if the debt 
is  denominated  in  a  national  currency  unit  of  a  Member  State  which  has 
redenominated  part  or  all  of  the  outstanding  debt  of  its  general  government.  These 
provisions do not address the introduction of additional measures to amend the terms 
of  outstanding  debt  to  alter,  among  other  things,  the  nominal  amount  of  outstanding 
debt,  these  being  matters  subject  to  relevant  national  law.  It  is  desirable  to  allow 

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Member  States  to  take  appropriate  measures  for  changing  the  unit  of  account  of  the 
operating procedures of organised markets. 

(15)  Further action at the Community level may also be necessary to clarify the effect of 
the  introduction  of  the  euro  on  the  application  of  existing  provisions  of  Community 
law, in particular concerning netting, set-off and techniques of similar effect. 

(cid:208) 974/98 

(cid:208) 974/98 (adapted) 

(16)  Any  obligation  to  use  the  euro  unit  can  be  imposed  ⌦ only ⌫  on  the  basis  of 
Community  legislation.  In  transactions  with  the  public  sector  participating  Member 
States ⌦ should be able to ⌫ allow the use of the euro unit. In accordance with the 
reference scenario decided by the European Council at its meeting held in Madrid, the 
Community legislation laying down the time frame for the generalisation of the use of 
the euro unit might leave some freedom to individual Member States. 

(17) 

In  accordance  with  Article  ⌦ 106(2) ⌫  of  the  Treaty,  the  Council  may  adopt 
measures to harmonise the denominations and technical specifications of all coins. 

(18)  Banknotes and coins need adequate protection against counterfeiting. 

(cid:208) 974/98 

(cid:208) 974/98 (adapted) 

(19)  Banknotes  and  coins  denominated  in  the  national  currency  units  ⌦ should ⌫  lose 
their  status  of  legal  tender  at  the  latest  six  months  after  ⌦ the  respective  cash 
changeover  date ⌫.  Limitations  on  payments  in  notes  and  coins,  established  by 
Member  States  for  reasons  ⌦ of  public 
interest ⌫,  ⌦ should  not  be ⌫ 
incompatible with the status of legal tender of euro banknotes and coins, provided that 
other lawful means for the settlement of monetary debts are available. 

(20)  As  from  the  end  of  the  transitional  period  references  in  legal  instruments  existing  at 
the end of the transitional period ⌦ should be ⌫ read as references to the euro unit 
according  to  the  respective  conversion  rates.  A  physical  redenomination  of  existing 
legal instruments is therefore not necessary to achieve this result. The rounding rules 
defined in Regulation (EC) No [1103/97] ⌦ should ⌫ also apply to the conversions 
to  be  made  at  the  end  of  the  transitional  period  or  after  the  transitional  period.  For 
reasons  of  clarity  it  may  be  desirable  that  the  physical  redenomination  take  place  as 
soon as appropriate. 

(21)  Paragraph  2 of the Protocol on  certain  provisions  relating  to  the  United  Kingdom  of 
Great  Britain  and  Northern  Ireland ⌦ annexed  to  the  Treaty  provides ⌫  that,  inter 
alia,  paragraph  5  of  that  Protocol  ⌦ is  to ⌫  have  effect  if  the  United  Kingdom 
notifies  the  Council  that  it  does  not  intend  to  move  to  the  third  stage.  The  United 
Kingdom  gave  notice  to  the  Council  on  30 October 1997  that  it  does  not  intend  to 
move  to  the  third  stage.  Paragraph 5  ⌦ provides ⌫  that,  inter  alia,  Article 
⌦ 123(4) ⌫ of the Treaty ⌦ is not to ⌫ apply to the United Kingdom. 

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(22)  Denmark,  referring  to  paragraph 1  of  the  Protocol  on  certain  provisions  relating  to 
Denmark ⌦ annexed to the Treaty, ⌫ has notified, in the context of the Edinburgh 
decision of 12 December 1992, that it will not participate in the third stage. Therefore, 
in accordance with paragraph 2 of the said Protocol, all Articles and provisions of the 
Treaty  and  the  Statute  of  the  ESCB  referring  to  a  derogation  ⌦ are  to ⌫  be 
applicable to Denmark. 

(23) 

In  accordance  with  Article  ⌦ 123(4) ⌫  of  the  Treaty,  the  single  currency  ⌦ is 
to ⌫ be introduced only in the Member States without a derogation. 

(24)  This Regulation ⌦ should, ⌫ therefore, be applicable pursuant to Article ⌦ 249 ⌫ 
of  the  Treaty,  subject  to  the  Protocol  on  certain  provisions  relating  to  the  United 
Kingdom of Great Britain and Northern Ireland and the Protocol on certain provisions 
relating to Denmark and Article ⌦ 122(1) of the Treaty ⌫, 

HAS ADOPTED THIS REGULATION: 

(cid:208) 974/98 

CHAPTER I 

DEFINITIONS 

(cid:208) 2169/2005 Art. 1 pt. 1 (adapted) 

⌦ 1. ⌫ For the purposes of this Regulation: 

Article 1 

(a) 

(b) 

(c) 

(d) 

‘participating  Member  States’  means  the  Member  States  listed  in  the  table  in 
Annex I; 

‘legal instruments’ means legislative and statutory provisions, acts of administration, 
judicial  decisions,  contracts,  unilateral  legal  acts,  payment  instruments  other  than 
banknotes and coins, and other instruments with legal effect; 

‘conversion  rate’  means  the  irrevocably  fixed  conversion  rate  adopted  for  the 
currency of each participating Member State by the Council in accordance with the 
first sentence of Article 123(4) of the Treaty or with paragraph 5 of that Article; 

‘euro  adoption  date’  means  either  the  date  on  which  the  respective  Member  State 
enters  the  third  stage  under  Article 121(3)  of  the  Treaty  or  the  date  on  which  the 
abrogation of the respective Member State’s derogation under Article 122(2) of the 
Treaty enters into force, as the case may be; 

(e) 

‘cash  changeover  date’  means  the  date  on  which  euro  banknotes  and  coins  acquire 
the status of legal tender in a given participating Member State; 

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(f) 

(g) 

(h) 

(i) 

(j) 

(k) 

‘euro unit’ means the currency unit as referred to in the second sentence of Article 3; 

‘national currency units’ means the units of the currency of a participating Member 
State,  as  those  units  are  defined  on  the  day  before  the  adoption  of  the  euro  in  that 
Member State; 

‘transitional  period’  means  a  period  of  three  years  at  the  most  beginning  at  00.00 
hours on  the euro adoption date and ending at 00.00 hours on the cash changeover 
date; 

‘phasing-out period’ means a  period  of one year at the most beginning on the euro 
adoption  date,  which  can  apply  ⌦ only ⌫  to  Member  States  where  the  euro 
adoption date and the cash changeover date fall on the same day; 

‘redenominate’ means changing the unit in which the amount of outstanding debt is 
stated from a national currency unit to the euro unit, but which does not have through 
the act of redenomination the effect of altering any other term of the debt, this being 
a matter subject to relevant national law; 

‘credit  institutions’  means  credit  institutions  as  defined  in  ⌦ point  (1)  of  Article 
4 ⌫  of  Directive  ⌦ 2006/48/EC ⌫  of  the  European  Parliament  and  of  the 
Council10. 

⌦ 2. ⌫ For  the  purpose of  this  Regulation, the  institutions  listed in Article 2 of Directive 
⌦ 2006/48/EC ⌫  with  the  exception  of  post  office  giro  institutions  shall  not  be 
considered credit institutions ⌦ within the meaning of point (k) of paragraph 1 ⌫. 

(cid:208) 2169/2005 Art. 1 pt. 2 

Article 2 

The euro adoption date, the cash changeover date, and the phasing-out period, if applicable, 
for each participating Member State shall be as set out in Annex I. 

10 

OJ L ⌦ 177, 30.6.2006, p. 1. ⌫ 

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(cid:208) 974/98 

CHAPTER II 

SUBSTITUTION OF THE EURO FOR THE CURRENCIES OF THE 
PARTICIPATING MEMBER STATES 

(cid:208) 2169/2005 Art. 1 pt. 3 

Article 3 

With effect from the respective euro adoption dates, the currency of the participating Member 
States shall be the euro. The currency unit shall be one euro. One euro shall be divided into 
one hundred cent. 

(cid:208) 974/98 (adapted) 

Article 4 

The  euro  shall  be  substituted  for  the  currency  of  each  participating  Member  State  at  the 
conversion rate. 

The euro shall be the unit of account of the European Central Bank (ECB) and of the central 
banks of the participating Member States. 

Article 5 

CHAPTER III 

TRANSITIONAL PROVISIONS 

Articles 7 to 10 shall apply during the transitional period. 

Article 6 

Article 7 

1. The euro shall be divided into the national currency units according to the conversion rates. 
Any subdivision thereof shall be maintained. Subject to the provisions of this Regulation, the 
monetary law of the participating Member States shall continue to apply. 

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2.  Where  in  a  legal  instrument  reference  is  made  to  a  national  currency  unit,  this  reference 
shall be as valid as if reference were made to the euro unit according to the conversion rates. 

Article 8 

The substitution of the euro for the currency of each participating Member State shall not in 
itself have the effect of altering the denomination of legal instruments in existence on the date 
of substitution. 

Article 9 

1.  Acts  to  be  performed  under  legal  instruments  ⌦ providing  for ⌫  the  use  of,  or 
denominated  in,  a  national  currency  unit  shall  be  performed  in  that  national  currency  unit. 
Acts to be performed under legal instruments ⌦ providing for ⌫ the use of, or denominated 
in, the euro unit shall be performed in that unit. 

2. Paragraph 1 ⌦ is ⌫ subject to anything which parties may have agreed. 

3.  Notwithstanding  paragraph 1,  any  amount  denominated  either  in  the  euro  unit  or  in  the 
national currency unit of a given participating Member State and payable within that Member 
State by crediting an account of the creditor, ⌦ may ⌫ be paid by the debtor either in the 
euro unit or in that national currency unit. The amount shall be credited to the account of the 
creditor  in  the  denomination  of  his  account,  with  any  conversion  being  effected  at  the 
conversion rates. 

4. Notwithstanding paragraph 1, each participating Member State may take measures which 
may be necessary in order to: 

(a) 

redenominate in the euro unit outstanding debt issued by that Member State's general 
government, as defined in the European system of integrated accounts, denominated 
in  its  national  currency  unit  and  issued  under  its  own  law.  If  a  Member  State  has 
taken such a measure, issuers may redenominate in the euro unit debt denominated in 
that  Member  State's  national  currency  unit  unless  redenomination  is  expressly 
excluded by the terms of the contract; this provision shall apply to debt issued by the 
general  government  of  a  Member  State  as  well  as  to  bonds  and  other  forms  of 
securitised debt negotiable in the capital markets, and to money market instruments, 
issued by other debtors; 

(b) 

enable the change of the unit of account of their operating procedures from a national 
currency unit to the euro unit by: 

(i)  markets  for  the  regular  exchange,  clearing  and  settlement  of  any  instrument 
listed  in  section  ⌦ C ⌫  of  Annex  ⌦ I ⌫  to  Directive  ⌦ 2004/39/EC  of 
the European Parliament and of the Council ⌫11 and of commodities; and 

(ii) 

systems for the regular exchange, clearing and settlement of payments. 

11 

OJ L ⌦ 145, 30.4.2004, p. 1 ⌫ . 

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5. Provisions other than those of paragraph 4 imposing the use of the euro unit may only be 
adopted by the participating Member States in accordance with any time-frame laid down by 
Community legislation. 

6. National legal provisions of participating Member States which permit or impose netting, 
set-off or techniques with similar effects shall apply to monetary obligations, irrespective of 
their currency denomination, if that denomination is in the euro unit or in a national currency 
unit, with any conversion being effected at the conversion rates. 

(cid:208) 2169/2005 Art. 1 pt. 4 

Article 10 

Banknotes and coins denominated in a national currency unit shall retain their status as legal 
tender  within  their  territorial  limits  as  from  the  day  before  the  euro  adoption  date  in  the 
participating Member State concerned. 

(cid:208) 2169/2005 Art. 1 pt. 5 

Article 11 

The following shall apply in a Member State with a ‘phasing-out’ period. In legal instruments 
created  during  the  phasing-out  period  and  to  be  performed  in  that  Member  State,  reference 
may  continue  to  be  made  to  the  national  currency  unit.  These  references  shall  be  read  as 
references to the euro unit according to the respective conversion rates. Without prejudice to 
Article 17,  the  acts  performed  under  those  legal  instruments  shall  be  performed  only  in  the 
euro unit. The rounding rules laid down in Regulation (EC) No [1103/97] shall apply. 

The Member State concerned shall limit the application of the first paragraph to certain types 
of legal instrument, or to legal instruments adopted in certain fields. 

The Member State concerned may shorten the period. 

(cid:208) 974/98 

CHAPTER IV 

EURO BANKNOTES AND COINS 

(cid:208) 2169/2005 Art. 1 pt. 6 (adapted) 

Article 12 

With effect from the respective cash changeover dates, the ECB and the central banks of the 
participating  Member States shall  put  into circulation banknotes denominated in euro in the 
participating Member States. 

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Without  prejudice  to  Article 17,  these  banknotes  denominated  in  euro  shall  be  the  only 
banknotes which have the status of legal tender in participating Member States. 

Article 13 

With effect from the respective cash changeover date, the participating Member States shall 
issue  coins  denominated  in  euro  or  in  cent  and  complying  with  the  denominations  and 
technical  specifications  which  the  Council  may  lay  down  in  accordance  with  the  second 
sentence  of  Article 106(2)  of  the  Treaty.  Without  prejudice  to  Article 17  ⌦ of  this 
Regulation ⌫  and  to  the  provisions  of  any  agreement  under  Article 111(3)  of  the  Treaty 
concerning  monetary  matters,  those  coins  shall  be  the  only  coins  which  have  the  status  of 
legal  tender  in  participating  Member  States.  Except  for  the  issuing  authority  and  for  those 
persons  specifically  designated  by  the  national  legislation  of  the  issuing  Member  State,  no 
party shall be obliged to accept more than 50 coins in any single payment. 

(cid:208) 974/98 

Article 14 

Participating  Member  States  shall  ensure  adequate  sanctions  against  counterfeiting  and 
falsification of euro banknotes and coins. 

CHAPTER V 

FINAL PROVISIONS 

(cid:208) 2169/2005 Art. 1 pt. 7 

Article 15 

Articles 12,  13,  16,  17  and  18  shall  apply  with  effect  from  the  respective  cash  changeover 
date in each participating Member State. 

Article 16 

Where, in legal instruments existing on the day before the cash changeover date, reference is 
made to the national currency units, these  references shall be read as  references to the euro 
unit  according  to  the  respective  conversion  rates.  The  rounding  rules  laid  down  in 
Regulation (EC) No [1103/97] shall apply. 

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(cid:208) 974/98 
(cid:206)1 2169/2005 Art. 1 pt. 8(a) 

Article 17 

1. Banknotes and coins denominated in a national currency unit as referred to in Article 7(1) 
shall remain legal tender within their territorial limits until six months (cid:206)1 from the respective 
cash changeover date  at the latest; this period may be shortened by national law. 

2.  Each  participating  Member  State  may,  for  a  period  of  up  to  six  months  (cid:206)1 from  the 
respective  cash  changeover  date ,  lay  down  rules  for  the  use  of  the  banknotes  and  coins 
denominated in its national currency unit as referred to in Article 7(1) and take any measures 
necessary to facilitate their withdrawal. 

(cid:208) 2169/2005 Art. 1 pt. 8(b) 

3.  During  the  period  referred  to  in  paragraph 1,  credit  institutions  in  participating  Member 
States adopting the euro after 1 January 2002 shall exchange their customers’ banknotes and 
coins denominated in the national currency unit of that Member State for banknotes and coins 
in euro, free of charge, up to a ceiling which may be set by national law. Credit institutions 
may  require  that  notice  be  given  if  the  amount  to  be  exchanged  exceeds  a  ceiling  set  by 
national  law  or,  in  the  absence  of  such  provisions,  by  themselves  and  corresponding  to  a 
household amount. 

The credit institutions referred to in the first subparagraph shall exchange banknotes and coins 
denominated  in  the  national  currency  unit  of  that  Member  State  of  persons  other  than  their 
customers,  free  of  charge  up  to  a  ceiling  set  by  national  law  or,  in  the  absence  of  such 
provisions, by themselves. 

National law may limit the obligation under the first and the second subparagraphs to specific 
types of credit institutions. National law may also extend this obligation to other persons. 

(cid:208) 974/98 

Article 18 

In accordance with the laws or practices of participating Member States, the respective issuers 
of  banknotes  and  coins  shall  continue  to  accept,  against  euro  at  the  conversion  rate,  the 
banknotes and coins previously issued by them. 

(cid:208)  

Article 19 

Regulation (EC) No 974/98 is repealed. 

EN 

14 

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References to the repealed Regulation shall be construed as references to this Regulation and 
shall be read in accordance with the correlation table in Annex III. 

(cid:208) 974/98 (adapted) 

CHAPTER VI 

ENTRY INTO FORCE 

Article 20 

This Regulation shall enter into force on ⌦ the twentieth day following that of its publication 
in the Official Journal of the European Union ⌫. 

This Regulation shall be binding in its entirety and directly applicable in all Member States, in 
accordance  with  ⌦ Article  249  of ⌫  the  Treaty,  subject  to  the  Protocol  on  certain 
provisions  relating  to  the  United  Kingdom  of  Great  Britain  and  Northern  Ireland  and  the 
Protocol on certain provisions relating to Denmark and Article ⌦ 122(1) of the Treaty ⌫. 

Done at Brussels,  

(cid:208) 974/98 

For the Council 
The President 

EN 

15 

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(cid:208) 2169/2005 Art. 1 pt. 9 and 
Annex 

ANNEX I 

Member State 

Euro adoption date 

Cash changeover date 

Member State with a ‘phasing-out’ 
period 

Belgium 

1 January 1999 

1 January 2002 

Germany 

1 January 1999 

1 January 2002 

Ireland 

Greece 

Spain 

France 

Italy 

1 January 1999 

1 January 2002 

1 January 2001 

1 January 2002 

1 January 1999 

1 January 2002 

1 January 1999 

1 January 2002 

1 January 1999 

1 January 2002 

n/a 

n/a 

n/a 

n/a 

n/a 

n/a 

n/a 

Cyprus 

1 January 2008 

1 January 2008 

No 

(cid:208) 835/2007 Art. 1 and Annex 

(cid:208) 2169/2005 Art. 1 pt. 9 and 
Annex 

Luxembourg 

1 January 1999 

1 January 2002 

n/a 

Malta 

1 January 2008 

1 January 2008 

No 

(cid:208) 836/2007 Art. 1 and Annex 

(cid:208) 2169/2005 Art. 1 pt. 9 and 
Annex 

Netherlands 

1 January 1999 

1 January 2002 

Austria 

1 January 1999 

1 January 2002 

Portugal 

1 January 1999 

1 January 2002 

n/a 

n/a 

n/a 

Slovenia 

1 January 2007 

1 January 2007 

No 

(cid:208) 1647/2006 Art. 1 and Annex 

EN 

16 

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Slovakia 

1 January 2009 

1 January 2009 

No 

(cid:208) 693/2008 Art. 1 and Annex 

Finland 

1 January 1999 

1 January 2002 

n/a 

_____________ 

(cid:208) 2169/2005 Art. 1 pt. 9 and 
Annex 

EN 

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(cid:207) 

ANNEX II 

Repealed Regulation with list of its successive amendments 

Council Regulation (EC) No 974/98 

(OJ L 139, 11.5.1998, p. 1) 

Council Regulation (EC) No 2596/2000 

(OJ L 300, 29.11.2000, p. 2) 

Council Regulation (EC) No 2169/2005 

(OJ L 346, 29.12.2005, p. 1) 

Council Regulation (EC) No 1647/2006 

(OJ L 309, 9.11.2006, p. 2) 

Council Regulation (EC) No 835/2007 

(OJ L 186, 18.7.2007, p. 1) 

Council Regulation (EC) No 836/2007 

(OJ L 186, 18.7.2007, p. 3) 

Council Regulation (EC) No 693/2008 

(OJ L 195, 24.7.2008, p. 1) 

_____________ 

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ANNEX III 

CORRELATION TABLE 

Regulation (EC) No 974/98 

This Regulation 

Article 1, points (a) to (k), first sentence  

Article 1(1), points (a) to (k) 

Article 1, point (k), second sentence 

Article 1(2) 

Article 1a 

Article 2 

Article 3 

Article 4 

Article 5 

Article 6 

Article 7 

Article 2 

Article 3 

Article 4 

Article 5 

Article 6 

Article 7 

Article 8 

Article 8(1), (2) and (3) 

Article 9(1), (2) and (3) 

Article 8(4), introductory wording 

Article 9(4), introductory wording 

Article 8(4), first indent 

Article 9(4)(a) 

Article 8(4), second indent, introductory 
wording 

Article 9(4)(b), introductory wording 

Article 8(4), second indent, (a) 

Article 9(4)(b)(i) 

Article 8(4), second indent, (b) 

Article 9(4)(b)(ii) 

Article 8(5) and (6) 

Article 9(5) and (6) 

Article 9 

Article 9a 

Article 10 

Article 11 

Article 12 

Article 13 

Article 14 

EN 

Article 10 

Article 11 

Article 12 

Article 13 

Article 14 

Article 15 

Article 16 

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Article 15 

Article 16 

- 

Article 17 

Annex 

- 

- 

Article 17 

Article 18 

Article 19 

Article 20 

Annex I 

Annex II 

Annex III 

_____________ 

EN 

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