There is approximately £682 million of old Irish currency still in circulation or under mattresses which has not been converted into euro, the Central Bank said today.
The bank said it had issued euro note and coins with a value of 3,743 million since the launch of the euro by March 22nd but a considerable sum of punts and pence is expected never to be redeemed.
A breakdown of the latest circulation figures shows that notes with a value of £465 million and £118 million in coins has not been returned.
Most of the lost money is in lower denominated notes which may be explained by tourists not reconverting small amounts of money when leaving Ireland, the bank said.
The bank said approximately 38 per cent of five pound notes and 24 per cent of ten pound notes have not been converted to euros.
Customers will also have to make their own arrangements to switch their pesetas, francs or lira into euros. From close of business tomorrow Irish banks will no longer accept and exchange other European currencies for the new single currency or any Irish coins from non-bank customers.