The changeover to the euro appears to be going smoothly, according to the European Commission. It has also reported that citizens of the 12 euro zone countries are showing enthusiasm and curiosity about their new currency.
In Frankfurt, the European Central Bank also said the cash changeover, the biggest in history, was going well. However, an EU executive said that the first real test would come tomorrow, when most banks, businesses and shops reopen after the New Year holiday.
The euro has also become the new currency in the former Yugoslavian territories of Kosovo and Montenegro, although they are not members of the EU.
Meanwhile, long queues formed outside the Central Bank in Dame Street in Dublin earlier today as people gathered to change punts into euro. The Central Bank, which was the only bank open in the country today, changed money free of charge.
To mark the event the Bank served champagne, whiskey, tea and coffee. The queues, some 250 people at any one time, stretched from the Central Bank down the steps and around the plaza.
The single European currency, the euro, is now legal tender in all countries of the European Union, except Britain, Denmark and Sweden.
The euro notes and coins became legal tender in Ireland and Portugal at midnight, completing the twelve-country changeover.
Banks worked overnight to restock ATM cash dispensers. Although the punt will remain legal tender for another six weeks the Government is urging people to use up their stocks of old Irish notes and coins as soon as possible.
Retailers everywhere are now expected to begin issuing change to their customers in euro. However, the Irish pound will remain legal tender until 9 February and so must be accepted as payment or part payment for any item or service until that date. During the intervening six-week period both punts and euro will circulate here at the same time.
The Government, banks, and retailers are urging people to spend their Irish currency as soon as possible in order to minimise any confusions that might arise.
The new bank notes come in seven different denominations, including €5, €10, €20, €50, €100, €200 and €500 notes. All contain intaglio print, holograms, watermarks, security threads, colour shifting ink, and iridescent stripes. These are features that should ensure people will be able to identify genuine euro bank notes quickly and easily.
The last date for the free exchange of old Irish notes and coins by commercial banks is an issue to be decided in each individual bank. However, the Central Bank, which is located in Dame Street in Dublin, will convert all Irish pound notes and coins indefinitely and free of charge.
In addition the Central Bank will convert foreign currency from any euro member state, also free of charge.
Monetary officials here and throughout Europe are keen to stress that members of the public should familiarise themselves with the security features of the new notes as a matter of priority.
The Director of Consumer Affairs, Carmel Foley, has said the full resources of her office will be available over the coming weeks to monitor the conversion of retail prices from pounds to euro.
The Minister for Consumer Affairs, Tom Kitt, said that inspectors would be out and about checking the conversion rates in retail outlets.
The Taoiseach, Mr Ahern, said the first phase of the cash changeover in Ireland had been carried out successfully and that more than five million customer accounts had been converted to euro.
