§ Mr. BercowTo ask the Chancellor of the Exchequer if he will make a statement on the difference in the estimate between the number of euro coins required for UK participation in the single currency set out in the Outline National Changeover Plan and that indicated in his answer of 18 June 1997,Official Report, column 239, on the Euro. [83734]
§ Ms HewittThe estimated coin requirement set out in the Outline National Changeover Plan relates to the initial quantities needed to launch euro coins on the first day of their circulation, should the UK decide to join the single currency. The higher figure quoted in 1997 was the estimated total needed to replace all the coins in circulation. The preferred timing for the introduction of euro coins would be when coin demand is seasonally low, and for up to six months euro coins would be circulating in parallel with sterling coins.
The estimates for both the initial launch quantities and the ultimate total coin requirement are subject to ongoing review with the banks and other interested parties.