Ireland to abolish 1c and 5c coins

Source: Central Bank of Ireland

The Central Bank welcomes the decision by the Government today (16 June 2015) to rollout the rounding of 1c and 2c coins nationally.

This follows a successful trial that was conducted by the National Payments Plan in Wexford in 2013.

The Central Bank will now assume responsibility for the project. Details of how rounding will be implemented have yet to be finalised but it is anticipated that it will be rolled out in the next few months.

The key features of rounding are:

Rounding will be conducted on a voluntary basis;
1c and 2c coins will remain legal tender,
rounding will apply only to cash payments, and
the total amount of any bill will be rounded down or up to the nearest 5c.

The Central Bank will engage with industry bodies and other stakeholders in advance of rollout to ensure that they are fully prepared for it. The Central Bank will also ensure that the public and consumers are well informed.
Contributed | what does this mean?
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