Rounding of 1c and 2c coins to start on 28 October
Rounding is to apply only to cash payments, and the total amount of any bill, in a bid to reduce the amount of 1c and 2c coins in circulation
Print5 October 2015
The rollout of rounding of 1c and 2c coins is to begin on Wednesday, 28 October 2015.
The Central Bank has assumed responsibility for the project, following the government’s decision in June to rollout the rounding of the coins nationally. The move follows a successful trial that was conducted by the National Payments Plan in Wexford in 2013.
The key features of rounding include that it will be conducted on a voluntary basis, with 1c and 2c coins remaining legal tender. Importantly, rounding will apply only to cash payments, and the total amount of any bill (not the individual goods) will be rounded down or up to the nearest 5c.
The Central Bank says that for businesses, the move will result in less coin handling, less hassle, and lower bank charges. It adds that while your customers will welcome rounding, it is voluntary for you both.
The Central Bank has undertaken to engage with industry bodies and other stakeholders in advance of the rollout to ensure that they are fully prepared for it, as well as ensuring that the public and consumers are well informed.
As at 12 June 2015; 1,096,853,216 2c coins have been issued into circulation in Ireland amounting to €21,937,064.32. Meanwhile, 1,384,491,236 1c coins have been issued into circulation in Ireland amounting to €13,844,912.36. A 1 cent coin costs 1.65c to produce while a 2 cent coin costs 1.94c.
Six EU Member States have already adopted a symmetrical rounding policy, The Netherlands, Sweden, Finland, Denmark, Hungary and Belgium.
For more information on rounding, visit betterallround.ie.
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