Few Irish companies are dealing in euros compared with their Continental counterparts.

Nearly all Belgian companies have already dealt in euros, unlike Irish and Italian companies at only 29 per cent and 33 per cent respectively, according to a survey from the European Association of Corporate Treasurers.

The survey also found that a large majority of European companies have named a euro head. Over 80 per cent of Irish companies have named the person who is to head the euro changeover programme, compared with between 65 per cent and 95 per cent for Italy and Germany respectively.

The survey also found that at least 70 per cent of European companies have put a working group in place to deal with the changeover.

The average European company is using between three and four staff for the project, with German using on average seven people, while Irish companies are only using two.

The overall cost of the euro varies widely from one country to another. On average the cost is around 0.35 per cent of turnover. Irish companies expect to pay 0.4 per cent, while Spanish companies will spend 0.9 per cent and Austrian companies only spending 0.18 per cent.

Around 60 per cent of companies are opting for a step by step switch over and 36 per cent for a big bang. In Ireland 69 per cent are opting for the gradual approach compared with Luxembourg where 65 per cent are opting for the big bang.

The survey also found that by the end of this year 70 per cent of Belgian and Luxembourg companies will have opened euro bank accounts but only 27 per cent of Irish and Italian companies will have done so.

Ireland also lags behind in centralising treasury into euros. The report is based on responses from 483 firms across Europe, with 48 Irish companies involved.