THE CENTRAL BANK last year redeemed €1.5 million in Irish pounds, the national currency prior to the introduction of the single currency.
And a staggering €226 million in old Irish banknotes remain outstanding.
The bank continues to value the old punt currency, which was gradually phased out following the launch of the euro in February 2002.
Per the bank’s annual report, which was released last week, €0.4 million in Irish pound coin and €1.1 million in old banknotes were redeemed last year.
This was the exact same amount as was redeemed in 2016, albeit then the split was €0.2 million in coin and €1.3 million in notes.
The report states that provision continues to be made in order that the old currency may be redeemed.
The provision for changing the old banknotes meanwhile currently stands at €6.3 million.
So, while the bank will recognise the older currency, it isn’t currently expecting to have to pay out the full amount that’s outstanding.
However, it is still obligated to redeem any such moneys, so don’t worry – if you have £10 million in old banknotes stashed somewhere about the place, you’ll still be able to change it all.
It just means the Central Bank will have to replenish the provision should that happen (this was already the case in 2010 and 2012).
Regardless, to sum up: somewhere around the country, an untapped mine of wealth exists.
Might be best to check that mattress.
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