irish central bank reprinting punt notes in case of euro collapse

chooochooo

My auntie works in a bar and anuther solder told her that masive loads of banknots are stored some of thoos solders saw them and the minaster of finanse inspicted them. tey were worned they wuld be cort marsled if they toll anybody.

kaahooters

chooochooo wrote: »

My aunt works in a bar and another soldier told her that masive loads of banknotes are stored some of those soldiers saw them and the minister of finance inspected them. They were warned they would be court-martial if they told anybody.

fixed it as best i could, could barley understand the last post.

just wondering, but, as we dont have any sovereignty gold anymore (eu central bank got it when we joined the euro) what are they basing the reprinted punt off?

clever_name

kaahooters wrote: »

fixed it as best i could, could barley understand the last post.

just wondering, but, as we dont have any sovereignty gold anymore (eu central bank got it when we joined the euro) what are they basing the reprinted punt off?

Pay no attention to that post, chooochooo was trolling, check the other 35 posts before that one - the inability to spell was not present before.

Jesus Nut

kaahooters wrote: »

fixed it as best i could, could barley understand the last post.

just wondering, but, as we dont have any sovereignty gold anymore (eu central bank got it when we joined the euro) what are they basing the reprinted punt off?

Hopefully, it would be pegged against a country with a gold standard!

Inishowen lady

chooochooo wrote: »

My auntie works in a bar and anuther solder told her that masive loads of banknots are stored some of thoos solders saw them and the minaster of finanse inspicted them. tey were worned they wuld be cort marsled if they toll anybody.

:eek: ur speling is realy gud :eek:

studiorat

apologies if we've had this already. apparently these are the new punt notes : http://www.broadsheet.ie

TanG411

Oh cool, a £1 note.

Jeboa Safari

The Washington Journal reported earlier today that the Irish Central Bank is considering whether it needs extra printing capacity in case the euro collapses

Some central banks in Europe have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely, according to people familiar with the matter.

The first signs are surfacing that central banks are thinking about how to resuscitate currencies based on bank notes that haven't been printed since the first euros went into circulation in January 2002.


At least one—the Central Bank of Ireland—is evaluating whether it needs to secure additional access to printing presses in case it has to churn out new bank notes to support a reborn national currency, according to people familiar with the matter.

Outside the 17-country euro zone, numerous European central banks are eyeing defensive measures to protect against the possible fallout if the euro zone were to unravel, other people said. Several, including Switzerland, are considering possible replacements for the euro as the external reference point, or peg, they use to try to keep their currencies' values stable.

The central banks' planning is preliminary, according to the people familiar with the matter. It doesn't represent an expectation that the euro zone is headed for dissolution.

But the fact central bankers are even studying the possibility, which until this fall was considered unthinkable, underscores how swiftly conditions have deteriorated. Policy makers, central bankers and investors around the world have pinned their hopes on this week's Brussels summit to forge a long-awaited solution to the Continent's two-year financial crisis, which was ignited by doubts over countries' abilities to pay their debts.

The stakes are high. A failure of Europe's leaders to defuse the crisis would fuel already growing doubts about the viability of the euro zone. Many policy makers, bankers and other experts fear the monetary union's unraveling would not only reverse a decade of economic integration but also would trigger financial chaos.

J.P. Morgan Chase & Co. put out a report Wednesday that advised investors and companies to hedge against a collapse of the euro zone—though the bank said the likelihood of that happening was just 20%. It said many corporate clients were buying currency derivatives to place bets against the euro.

Before the formal launch of the euro in January 2002, an army of planners spent years choreographing the logistics of the currency's debut, including the minting of billions of bank notes and coins and the distribution of the new currency to banks and businesses across the Continent. Disassembling the bloc would be messy at best. Among the many challenges, loans and deposits currently denominated in euros would have to be switched to new currencies. And individual countries would need to decide whether to dust off their old currencies and, if so, how to quickly produce large quantities of paper money.

In Montenegro, which used Germany's Deutsche mark as legal tender before it adopted the euro in 2002, central bank officials are weighing their options for life after the euro. The Balkan country would have "a wide range of possibilities, from using another foreign currency to the introduction of a domestic currency," said Nikola Fabris, chief economist at Montenegro's central bank. One problem with the latter option: Montenegro doesn't have the capacity to print its own money, he said.

Most euro-zone central banks maintain at least limited capacities to print bank notes. While the European Central Bank is responsible for determining the euro zone's supply of bank notes, it doesn't actually print them. The ECB outsources the work to central banks of euro-zone countries. Each year, groups of countries are assigned the task of printing millions of bank notes in specific denominations.

The countries have different arrangements for printing their shares of the notes. Some, like Greece and Ireland, own their printing presses. Others outsource to private companies.

The assignments vary from year to year. Last year, Ireland printed 127.5 million €10 notes, and nothing else, according to its annual report. This year, it was among 11 countries assigned to print a total of 1.71 billion €5 notes.

In recent weeks, officials at Ireland's central bank have held preliminary discussions about whether they might need to acquire additional printing capacity in case the euro zone ruptures or Ireland exits in order to return to its prior currency, the Irish pound, according to people familiar with the matter. Officials have discussed reactivating old printers or enlisting a private company, the people said. "All kinds of things are being looked at that weren't being looked at two months ago," according to a person at one meeting. A spokeswoman for the Irish Central Bank declined to comment.

In Greece, widely regarded as the country most likely to leave the euro zone because of its fiscal problems, the central bank has a bank-note printing facility called IETA. Built in 1941, the Attica plant today is outfitted with "state-of-the-art machinery," according to the Bank of Greece's website. But IETA's printing in recent years has been limited. It has been one of five or six countries responsible for printing batches of €10 notes, according to the ECB.

Athens has buzzed with rumors over the past year that the Bank of Greece was secretly printing drachmas, Greece's pre-euro currency. Widely circulated joke emails featured drachma bank notes bearing the image of then-Prime Minister George Papandreou. The rumors at times have been blamed for triggering waves of withdrawals from Greek retail banks.

A Bank of Greece spokesman said the bank isn't looking for ways to boost its printing capacity. "There has been no talk regarding this issue," he said.

Some euros are currently produced outside the euro zone. In the northern England city of Gateshead, for example, a De La Rue PLC plant prints bank notes on behalf of several euro-zone countries, according to people familiar with the matter.

The Gateshead facility also serves as a backup plant for the Bank of England, which has a separate contract with De La Rue to print British pounds, according to a Bank of England spokesman.

The situation has worried some Bank of England officials, according to a person familiar with the matter. The concern is that if the euro zone unraveled, the Gateshead facility could be overwhelmed with requests from former euro-zone countries to print their national currencies, the person said.

That has prompted the Bank of England to consider steps to ensure that its ability to print British pounds isn't compromised, the person said.

The Bank of England spokesman said the bank isn't looking to "gain additional access to De La Rue's facility in Gateshead." A De La Rue spokeswoman declined to comment.

While some euro-zone countries have their own printing presses, "there might be other opportunities arising from any possible breakup of the euro as many of the smaller countries don't have state printing works," said Tim Cobbold, De La Rue's chief executive, in a statement. He noted that it usually takes about six months to develop a new currency with the necessary security features.

In Switzerland, which like the U.K. isn't part of the euro zone, the central bank has used the euro as its external reference point in its efforts to keep the Swiss franc's value stable.

Now, officials at the Swiss National Bank are considering what currency or basket of currencies would replace the euro as its reference point for the currency ceiling, according to a person familiar with the situation.

Before the advent of the euro, Germany's mark was Switzerland's main point of reference—including a period in the 1970s when the Swiss National Bank pegged the franc against the mark to rein in a surge in the Swiss currency. Today, as in the 1970s, Germany is Switzerland's largest trading partner, so a new Deutsche mark could in theory substitute for the euro, according to this person, although the bank is considering other scenarios, such as the formation of more than one currency bloc within Europe.

Central bank officials in Bosnia and Herzegovina, whose convertible mark is currently pegged to the euro, could switch to whatever hard currency emerges in the case of a breakup of the euro, a spokeswoman said. Before Bosnian officials fixed the national currency against the euro in 2002, they used the Deutsche mark as the peg.

Latvia's currency, the lat, is also pegged to the euro. The country's central bank doesn't expect the euro's demise but "could be expected" to look for a potential new peg among other European countries with "prudent fiscal policies" and with which Latvia already trades heavily, said a spokesman for Latvijas Banka.

http://professional.wsj.com/article/SB10001424052970203413304577084483874422516.html

PureClaas

studiorat wrote: »

apologies if we've had this already. apparently these are the new punt notes : http://www.broadsheet.ie

Could you just imagine carrying them boys round in your pocket as a constant reminder of what they did to this country.

They should be real Irish hero's on any possible new notes.

Like i said before, i have to laugh at Richie Boucher on the largest note of all.

This must be done as a big Joke in fairness

Pablo Sanchez

PureClaas wrote: »

Could you just imagine carrying them boys round in your pocket as a constant reminder of what they did to this country.

They should be real Irish hero's on any possible new notes.

Like i said before, i have to laugh at Richie Boucher on the largest note of all.

This must be done as a big Joke in fairness

Richie Boucher does not appear on any of the notes, the 100 pound note has Sean Fitzpatrick on it. And yes it is a joke.

liptonvillag

chooochooo wrote: »

My auntie works in a bar and anuther solder told her that masive loads of banknots are stored some of thoos solders saw them and the minaster of finanse inspicted them. tey were worned they wuld be cort marsled if they toll anybody.

:pac: That's amazing. Thanks for your contribution.

Be like Nutella

the absolute fooking drivelish shoite that comes out of some of the ear lickers on this is never disappointing : ) ... now... before I waste my time reading pointless arguments about spelling and what not... is there actually anything to this? are we printing new punts to prepare for the end of the Euro?

Pablo Sanchez

Im sure we are. It would be prudent of the government to do so. If they did not and something did happen to the Euro, it means we can get back to normal ASAP, without it we wouldnt have a functioning society for a number of weeks while they printed them up. Imagine you could not access your money from an ATM tomorrow, how long do you think you could survive with just the food in your fridge?

peteypop

emmet the rover wrote: »

have heard it from two diffrent sources within the broad bank sector. any taughts.
from what i understand there are several legal hurdles to overcome before the reinstatment of ourown currency both irish and euopean. but its a intresting idea to discuss

chooochooo wrote: »

My auntie works in a bar and anuther solder told her that masive loads of banknots are stored some of thoos solders saw them and the minaster of finanse inspicted them. tey were worned they wuld be cort marsled if they toll anybody.

Taught,is what you should have been in school.To spell

liptonvillag

Be like Nutella wrote: »

the absolute fooking drivelish shoite that comes out of some of the ear lickers on this is never disappointing : ) ... now... before I waste my time reading pointless arguments about spelling and what not... is there actually anything to this? are we printing new punts to prepare for the end of the Euro?

There are no punts been printed. It's absolute nonsense. Even if the euro collapses in the morning, we won't be using physical punts for at least 3 months after the event. What would likely happen is the Irish central bank will annouce the creation of the Punt. An annoucement would be something like - From midnight tonight all euro's will be denominated in Punts. The Currency would be created and the old euro's would be pegged to the New Punt until such time as they printed up the new money. After the new notes were printed, you would go to your local bank and exchange the euro's for punts and be given the valuation of punts. We would keep using the euro notes but they would just be valuated as punts. We were using Euros's for two years before we actually had physical possesion of them. It was created in 1999 but the notes didn't come into circulation until 2002. Overnight, all deposits would be denominated in punts. Do honestly think that they could keep it a secret that there was punts been printed up at the moment. The act alone would cause panic and a run on the banks. It would be completely irresponsible of any government to be tryio g to secretly print up a new currency. There's no need to do it. The euro's will do fine until the new punts are printed. It won't matter a damn because the punt will be brought into existence over night and preferably at the weekend. You just keep using the euro notes ( which are really punts) until its time to exchange them after they get the punts printed.

humanji

peteypop wrote: »

Taught,is what you should have been in school.To spell

Either learn some grammar, or stop being pedantic. Actually, just stop being pedantic.

liptonvillag

Jeboa Safari wrote: »

Details of the new Irish currency have been leaked
http://www.independent.ie/national-news/new-irish-currency-2952523.html






Seriously though, Sarkozy and Merkel are doing their best to make the crisis as drawn-out and convoluted as possible, although I think the euro will survive, they're risking the entire eurozone.

Maybe their starting to fight bank against the financial markets. They want to regulate the financial sector in London and that's why the UK resisted the fiscal integration pact.
Is it not about time these markets were brought under closer closer. The markets are dictating government policy. The tail is wagging the dog.

PureClaas

Well said.

Our problem is we as people are gone to docile and accept what ever crap is dumped upon us. We moan and complain but anytime it comes to action were no place to be seen.

I admire the british even tho i honestly have no love loss for them, for standing up against Europe and telling Europe what britain is going to do for britian rather than let europe dictate to them.

After all who is Europe really. Germany and France and we all know what the french did when Germany invaded. They just handed them the keys. Whos to say this is not the case today only difference now is its financial control. Its the simplest and most disguised form of control ever.

My respects to the Uk government for that

Rothchild himself said. Let me control a countries currency and i care not who makes its laws!!

jargon buster

Rothchild himself said. Let me control a countries currency and i care not who makes its laws!!

No he didnt, if you believe he did please provide a source.

highlydebased

jargon buster wrote: »

No he didnt, if you believe he did please provide a source.

3/4 the way down the page http://www.xat.org/xat/moneyhistory.html

"Let me issue and control a nation's money and I care not who writes the laws."
Mayer Amschel Rothschild, 1790

humanji

PureClaas wrote: »

Well said.

Our problem is we as people are gone to docile and accept what ever crap is dumped upon us. We moan and complain but anytime it comes to action were no place to be seen.

I admire the british even tho i honestly have no love loss for them, for standing up against Europe and telling Europe what britain is going to do for britian rather than let europe dictate to them.

After all who is Europe really. Germany and France and we all know what the french did when Germany invaded. They just handed them the keys. Whos to say this is not the case today only difference now is its financial control. Its the simplest and most disguised form of control ever.

My respects to the Uk government for that

Rothchild himself said. Let me control a countries currency and i care not who makes its laws!!

But isn't Cameron only working in the interest of the British financial sector?

hooradiation

highlydebased wrote: »

3/4 the way down the page http://www.xat.org/xat/moneyhistory.html

That particular quote is lacking a primary source - the earliest attribution to Mayer Amschel Rothschild of this known is in Money Creators by Gertrude M. Coogan in 1935, but nobody seems to be able to

Oddly, variants on the to whom this phrase is attributed include "The money lenders of the old world" URL="http://books.google.co.uk/books?id=zqkfAAAAMAAJ&pg=RA2-PA6&dq=%22let+us+control+the+money+of+a+country%22&redir_esc=y"]here[/URL I'd be more inclined to believe it's a nice simple shorthand for "Those sneaky wealthy people are up to something" than any kind of actual, direct quote.

BlibBlab

The Economic Management Council drew up contingency plans for the collapse of the euro when the single currency entered its most serious period of crisis, Minister for Public Expenditure Brendan Howlin said.
In an interview with The Irish Times ahead of the Labour Party conference, Mr Howlin publicly disclosed for the first time that “elaborate and detailed” plans were made for a euro collapse.

He indicated contingency plans were in place for the re-introduction of the punt and said there were measures to increase security at banks.

The preparations were made when Italy was at the centre of the euro zone debt crisis towards the end of 2011, months after Fine Gael and Labour took office.
Attorney General Máire Whelan was also involved in drafting legislation to be used in such an emergency scenario, he said.

Mr Howlin defended the role of the Economic Management Council (EMC), which comprises the Taoiseach and Tánaiste, as well as the Ministers for Finance and Public Expenditure.
Mr Howlin said the EMC has played a key role at sensitive times during the Coalition’s term of office, specifically citing negotiations on the liquidation of the Irish Bank Resolution Corporation, formerly Anglo Irish Bank, and the promissory note deal in 2013.
Existential threat
For the first time, Mr Howlin said the EMC also made contingency plans for the collapse of the euro.

“Early on in our time there was a real existential threat to the euro, when Italy was under enormous pressure,” the Wexford TD said.
“We had to make contingency plans for the collapse of the euro at that time. They were scary, scary times. That was handled by a tight group of ministers.

“There were a number of things done, they were all anchored in the EMC. The Attorney General had to look at legislation. Key finance people, public expenditure people were involved in discussions in relation to that.”
When asked if the plans included a re-introduction of the punt, Mr Howlin said: “All avenues were considered.”
When asked if measures were put in place to provide increased security at the banks, he said: “Yes, all of that."

irishtimes.com/news/politics/government-planned-for-euro-collapse-1.2119253

Not quiet saying the printing presses were fired up but they had seriously planned for it all the same