The Minister for Finance Mr McCreevy has signed commencement orders allowing for tax changes required to allow the introduction of the euro. The changes are technical measures to allow for the tax treatment of foreign currency transactions following the change in the currency of the State from pounds to euros on January 1st, 1999.

Mr McCreevy also announced yesterday that, in his 1999 Finance Bill, he will include proposals to deal with gains and losses on foreign currency accounts in the euro zone held by life assurance companies and collective funds.