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Elements of Cash Changeover in the Euro Area (1)

This table provides information on key euro area dates in those countries which introduced euro cash on 1st January 2002.
N.B. Some of this information is out of date and no longer relevant but has been retained for reference purposes.

	Free-of-charge exchange by banks(2)	End date of legal tender(3) for legacy currencies (eg lira, francs)	Exchange of legacy currency at banks after legal tender deadline (4)	Redemption at National Central Bank after legal tender deadline has expired(5)	Approach to dual pricing
Austria	Recommended ATS 50 000	28/2/2002	To be decided individually by banks after 28/2/2002	Notes and coins indefinitely	Compulsory 01/10/2001 - 28/02/2002. Certain companies exempted
Belgium	No limit for notes until 28/2/2002. Note-coin by deposit until 31/12/2002	28/2/2002 midnight	31/12/2002	Notes: indefinitely Coins: end-2004	Voluntary agreement
Finland	No limit	28/2/2002	To be decided individually by banks	Notes and coins until 29/02/2012	Voluntary agreement
France	No limit	17/2/2002 Midnight	30/6/2002	Notes: 17/02/2012 Coins: 17/02/2005	Voluntary agreement
Germany	Subject to each bank's decision.	31/12/2001	At least until 28/2/2002. Effort for flexibility thereafter.	Notes and coins indefinitely	Voluntary agreement
Greece	No limit	28/2/2002	Positive: period to be defined	Notes: 01/03/2012 Coins: 01/03/2004	Retailers employing >10 people: compulsory from 01/01/01. Retailers employing <10 people: compulsory from 01/03/01
Ireland	Upto an overall total of at least IEP 500 per individual.	Midnight 9/2/2002	For a period not yet specified	Notes and coins indefinitely	Voluntary agreement
Italy	Recomm. €500. No limit on one day notice	28/2/2002	Banks will take the decision in Feb 2002	Notes and coins until: 01/03/2012	Voluntary agreement
Luxembourg	Free for clients.Free for non-clients within a limit set by each bank	28/2/2002	30/6/2002	Notes: indefinitely Coins: end-2004	Voluntary agreement
Netherlands	No limit until 1/4/2002: exchange via bank account	28/1/2002 at 0:00hrs	31/12/2002 (banks may charge for the exchange as from 1/4/2002)	Coins 1/1/2007: notes 1/1/2032	Voluntary agreement
Portugal	Free for clients. Non-clients set by each bank	28/2/2002	30/6/2002	Notes: 30/12/2022 Coins: 30/12/2002	Compulsory 01/10/01 - 28/02/02. Certain companies exempted (including <5 staff).
Spain	No limit until 30/06/2002	28/2/2002	30/6/2002	Notes and Coins: Indefinitely	Voluntary agreement

(1) Data published by the European Commission, updated on 5 December 2001.
(2) Sum of cash held in national currency which banks have agreed to exchange for euro cash free of charge.
(3) Point at which national currency cash (such as the guilder, Mark or franc) ceases to be legal tender.
(4) Point after which national currency cash can no longer be exchanged for euro cash at high street banks in the euro area.
(5) Length of time after 1 January 2002 during which the national central bank of the relevant country will exchange national currency cash for euro.

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