After that date the banks will accept Irish banknotes and coin for a period and, of course, the Central Bank will honour Irish banknotes and coin indefinitely. The intention is to withdraw Irish st currency as quickly as possible after 1 January and retailers will be encouraged not to issue Irish currency in change.
In this manner it is hoped that dual currency circulation will quickly be very limited and this should help to minimise any confusion that may arise. Obviously, the Central Bank cannot put precise figures on the quantities of Irish currency that must be withdrawn. I can tell you that there are roughly 180 million banknotes and 2½ billion coins on issue.