NI border firms accepting euros

Euro became legal tender in the Irish Republic on Tuesday

Businesses in areas along the border are accepting euro notes and coins following the introduction of the currency in the Irish Republic.

The euro became legal tender in 12 European countries at midnight on Tuesday and the European Commission said the launch appeared to be going smoothly, with no major problems.

Northern Ireland, as part of the UK, is not changing to the new currency.

However, shops and businesses in border areas are making an effort to encourage people from the Irish Republic and tourists to spend their euros in Northern Ireland.

If you want to pay in euro, then that's fine, you pay in euro and you get your change in euro

Brenda Duddy Derry City Centre Initiative

In Londonderry, with its border with the Irish Republic county, Donegal, many businesses are now trading in three currencies - sterling pounds, Irish punts and euros.

Chief executive of Derry's City Centre Initiative, Brendan Duddy, said: "We have convinced the big players, the big supermarket players, all the big names to dual price," he said.

"When you come and buy your groceries you will be asked if you want to pay in sterling or euro.

"If you want to pay in euro, then that's fine, you pay in euro and you get your change in euro."

'Opportunities'

Declan Hasson, the manager of one Derry department store, Austins, said the business wanted to make transactions as easy as possible for all of its customers and so is accepting pounds sterling, Irish punts and euros.

Declan Hasson: "We aim to reach a wider market by trading in euros and pounds"

"There is a market out there of 300 million people. It is not just the three million people living in the Irish Republic we are looking towards.

"We are looking much further afield to the opportunities provided by the euro in Europe and transactions through our website, etc."

Meanwhile, in the Irish Republic, Taoiseach Bertie Ahern was one of the first to use the new tender when he bought some groceries from his local newsagents in Dublin.

'Quick changeover'

John Norris from the Euro Changeover Board of Ireland said the currency change was going ahead smoothly and he expected most of the remaining Irish punts to move out of circulation very quickly.

"Yesterday the banking system changed over to the euro successfully and today businesses are dealing in Irish pounds and euros and the information available to us so far is that it is going well overall."

John Norris: "We expect the punt to be dropped very quickly"

The Irish punt will continue to exist in dual circulation with the new notes and coins until 9 February.

But Mr Norris said: "Our feeling is that the Irish pound will be gone much faster than that. We believe the pound will be gone and the euro will be the full currency we are using in about two weeks."

Price concerns

Nr Norris added that the onus was on consumers not to accept any attempt by shops and businesses to attempt price hikes during the changeover period.

"Our advice to people is if they notice prices moving unusually, particularly upwards, they should first take it up with the shop keeper.

"If they are not happy with what they hear, then they should get in contact with the director of consumer affairs.

"If they are still not happy they should vote with their feet and go and shop elsewhere."

The UK, Sweden and Denmark are the only members of the EU not to join the monetary union.