Joe McHugh (Donegal North East, Fine Gael)
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Question 140: To ask the Minister for Finance the annual cost to the State since 2002 of exchanges at the Central Bank of old Irish currency with euro; the monthly exchanges since 2008; if he has any plans for reform or review of this process; and if he will make a statement on the matter. [13551/12]

Michael Noonan (Limerick City, Fine Gael)
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The cost to the Central Bank of exchanging Irish pound notes and coins for euro notes and coins for each year since 2004 are set out below. Information for the years 2002 and 2003 is not available. The Central Bank keeps the provision of this service under review. The Central Bank has advised that 60% of the cost relates to direct costs including staff costs. The remaining 40% covers indirect costs including premises, IT support and HR services.

The number of Irish pound notes and coins exchanged for each month for the years 2008 to 2011 is set out below.