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THE CENTRAL BANK last year redeemed €1.5 million in Irish pounds, the national currency prior to the introduction of the single currency.
And a staggering €226 million in old Irish banknotes remain outstanding.
The bank continues to value the old punt currency, which was gradually phased out following the launch of the euro in February 2002.
Per the bank’s annual report, which was released last week, €0.4 million in Irish pound coin and €1.1 million in old banknotes were redeemed last year.
This was the exact same amount as was redeemed in 2016, albeit then the split was €0.2 million in coin and €1.3 million in notes.
The report states that provision continues to be made in order that the old currency may be redeemed.
The provision for changing the old banknotes meanwhile currently stands at €6.3 million.
So, while the bank will recognise the older currency, it isn’t currently expecting to have to pay out the full amount that’s outstanding.
However, it is still obligated to redeem any such moneys, so don’t worry – if you have £10 million in old banknotes stashed somewhere about the place, you’ll still be able to change it all.
It just means the Central Bank will have to replenish the provision should that happen (this was already the case in 2010 and 2012).
Regardless, to sum up: somewhere around the country, an untapped mine of wealth exists.
Might be best to check that mattress.
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There’s an awful lot of people in this country that have worked hard to be able to get a deposit together to buy a home and pay a mortgage. Though no fault of their own, they seen their pay decimated and jobs disappear. There should be a total ban on repossession proceedings starting until 18 months after the Covid crisis is declared over. No point in compounding an already terrible housing situation by make more people homeless. There’s very few “legitimate” buyers out there to buy repossessed houses at the moment. We’ll be left with foreign vulture funds buying up our housing stock.
@Nomad: what about the cases where a tenent can and just refuses to pay rent? Should they even though they have the money to pay just refuse. What should happen to those people?
@Chris Mc: I’m talking about honest and hardworking people – anyone taking the p1ss should be dealt with accordingly.
people are unable to pay a mortgage on €203 a week and should definitely get help,
and as usual it’ll be the landlords to get financial help, not the tenants…
@Mr A: what financial help do you think landlords are getting or get? Right now they cannot do anything about tenants not paying rent
@Craic_a_tower: untrue. There is financial assistance to landlords. The first is the mortgage break and the second the same available for other businesses and self-employed. The RTB has assisted them, the landlords, to get this money.
The expectation is the landlords transfer it to the tenants, by rent breaks, rent reduction and writing off rent in arrears. There isn’t any reason for kicking a family out of their home. Only the Dole landlords are trying to kick out people before the Authorities Carey’s out checks, a screening
If there are people who claimed the PUP four times …. It is realistic to landlords have done similar fraudulent claims …. the only way to get away with it is by creating a tsunami of homelessness
We’ll see what the Cabinet decided today, would they go against the Health executive?
@Maria Quinn: I asked a question so how is it untrue? The mortgage break costs money the landlord pays. The RTB are not giving money to landlords. Why do you expect landlords to subsidise people and take a hit? You seem to be under the impression it costs them nothing. If somebody isn’t paying rent who exactly do you think should foot that bill? Are you expecting any other industry to give their services for free? Or paying for something seems like a very valid reason to not provide a service.
If people are acting fraudulently what has that got to do with landlords? My tenants are getting more money as they are students only allowed work a limited time but getting full PUP. Why would I reduce their rent?
@Craic_a_tower: some people don’t understand how it works so they take their anger out on landlords.
The valid argument for them would be to state that government should ban investment into residential property apart from if its your own primary residence.
Otherwise by just saying landlords should foot the bill is akin to them saying a person who say invested €100K into a Dominos pizza franchise should give out free pizza.
@Mr A: what financial help exactly do landlords get
The solution is instant affordable legal assistant. People needs a solicitor to assist them to renegotiate the mortgage, to engage with the banks at earlier stages.
The creation of a quasi-judicial body without providing solicitors wouldn’t resolve anything at all.
Banks are not employers, neither landlords. Banks and financial institutions are heavily regulated, screens and controlled.
The language and formalities are the issue, the ability to get a solicitor is crucial for these families
Free Legal Aid has waiting times of over a years, 56 weeks in same centres. They do not take “property” cases, meaning any case to help the people keeps their homes, both owner and tenants. They are by Law banned in quasi-judicial bodies. In quasi-judicial bodies a team of barristers and solicitors are permitted …. like a Court room … but without the chance to be refunded for the legal costs …. and as private solicitors say – there isn’t any money in quasi-judicial proceedings, they don’t worthy their time-
And then, there is a specific free legal aid for those who face deportation ….. pure non sense …. people can stay in the country but people cannot stay in their homes, totally absurd
If they can place a ban on renters being evicted the same should apply for home owners
It’s one rule for the tenters and another ridiculous rule for homeowners
have your say