The introduction of euro notes and coins will face its first real test today when people return to work and the major retailers and financial institutions reopen for business after the holiday break.
Delays are expected on buses and trains when hundreds of thousands of commuters use the euro for the first time. Passengers can pay their fares in pounds but they will receive change only in the new currency.
With the majority of retail outlets and all financial institutions, with the exception of the Central Bank of Ireland, closed for business yesterday, the euro slipped into circulation with relative ease in the Republic.
The first euro notes made their appearance here in the early hours of New Year's Day, with cash machines dispensing €10 and €20 notes from 6 a.m. By close of business some 80 per cent of cash machines around the Republic were loaded with the new currency.
Exhaustive preparations coupled with the Euro Changeover Board's awareness campaign has ensured a smooth transition so far. Shops, pubs and bookmakers found themselves in the front line in dealing with the new currency, and signalled a few glitches and potential problems in the days ahead.
The biggest cause of complaint among consumers yesterday was the refusal of some pubs to accept Irish coins. Although pubs were giving customers euro notes and coins instead of their pounds and pence, some were only prepared to change Irish currency notes, declining to accept coins although these remain legal tender until February 9th.
The Director of Consumer Affairs, Ms Carmel Foley, said nearly a quarter of all calls to her office related to this issue and it involved pubs all over the State. Ms Foley said she planned to contact the two groups representing publicans, the Licensed Vintners' Association and the Vintners' Federation of Ireland, to seek an explanation.
In Limerick, Ms Betty Clancy of Kevin McManus Bookmakers complained about having to do the banks' job. The business had to take a large amount of smaller denomination coins in order to have an adequate supply of €1 and €2 coins, she said. She felt the Irish currency should have been withdrawn overnight instead of having a changeover period.
"We are doing the banks' job for them. We are converting money for them. It is making it harder for us, slowing down our business," she said.
Ms Maria Flynn, the duty manager at Limerick's Glentworth Hotel, felt it was a bad day for banks to be closed because people tended to convert large amounts of cash. "They are handing out £100 or £200 for us to change. It is not as if we are changing the amount they want to buy a drink," she said.
The Central Bank of Ireland was the only financial institution to open to the public yesterday. Long queues formed throughout the day to exchange pounds for euro, with some 1,500 transactions completed. A spokesman said most people changed amounts of between £300 and £500, suggesting that most customers who visited the bank did not hold an account at any financial institution.
Banks, building societies and post offices will exchange up to £500 in cash in any one transaction free of charge until the pound ceases to become legal tender in February. This service is available to everyone regardless of whether they have a bank account.
The Irish Bankers' Federation rejected suggestions that the banks should have opened yesterday, saying staff were working behind closed doors to ensure a smooth transition when they open for business today.
Customers are being warned to expect delays and possibly lengthy queues when visiting their local branch.