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PRESS KIT Eurobanknotes and Coins 2010 Bank, Central Opean Ur ©E

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PRESS KIT Eurobanknotes and Coins 2010 Bank, Central Opean Ur ©E PRESS KIT Eurobanknotes and coins 2010 Bank, Central opean ur ©E Foreword NewYear’sDay 2011 will be ahistoric datefor Estonia. On this day, Estonia will join Belgium, Germany, Ireland, Greece,Spain, France,Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland in the euroareaand adopt the euroasits currency. This press kit has been prepared by the European Central Bank to provide the media –and the Estonian media in particular –with comprehensiveinformation about the eurobanknotes and coins. Since the eurowill become partofeverydaylifeinEstonia at the beginning of next year,the European Central Bank and Eesti Pank have acommon interest in ensuring that the public is well informed aheadofthe currency changeover. The media’s access to authoritativeinformation and images makes them amajor partner in the process of acquainting the public with important aspects of the single currency. This press kit provides youwith information on the eurochangeoverin Estonia and on the eurobanknotes and coins and their security features. We hope it will serve as auseful reference foryour reporting. The information youpass on will makeaverysignificant contribution to increasing public awareness of the euro. This is particularlytrue forthe media coverage in Estonia, wherethe reporting will pave the wayfor the country’scitizens to adopt the euro, Europe’s single currency. Iwish youevery successinyour endeavours. FrankfurtamMain, September 2010 Jean-Claude Trichet President of the European Central Bank 3 Ta bleofcontents Foreword3 Introduction 5 Eurocash changeoverinEstonia 6 Eurocash changeoverin2002 and subsequent developments7 What do eurobanknotes look like? 8 What do eurocoins looklike? 10 Production of eurobanknotes 11 Eurobanknotesecurity features 12 Eurobanknotedistribution 13 Organisationofbanknoteproduction /Stock and circulation management 14 Banknoterecyclingframework 15 Counterfeits16 Annex1–Institutional framework 17 Annex2–Photopool 18 4 Introduction The European Central Bank (ECB) and These images maybeused for officers will also be happytoprovide Eesti Pank have produced this press kit publication, but onlyfor reporting in youwith publications on the containing information about the cash connection with the public information institution’s history, role and functions, changeover and the eurobanknotes. campaigns related to the euro. Yo uwill as well as on the Eurosystem and the The press kit is accompanied by aDVD, be asked to sign the disclaimer to European System of Central Banks, on which youwill receiveonce youhave ensurethe appropriateuse of the the monetarypolicy of the Eurosystem, signed adisclaimer.Onthe DVDyou enclosed images. Furthermore, the and on banking supervision in the euro will find aPowerPoint presentation and rules on the reproduction of euro area and the European Union. Yo ucan aflash application on the security banknotes must be complied with.1 also request publicationsproducedfor features of the eurobanknotes. Yo uwill the eurocash changeoverinEstonia, also find high-resolution images of euro Should yourequirefurther information, which contain information on euro banknotes and coins, as well as images please do not hesitatetocontactthe banknotes and coins and their security of citizens in cash-handling situations. ECB or Eesti Pank.The ECB’spress features.2 Additionalinformation can be obtainedfrom: European Central Bank Eesti Pank Niels Bünemann Viljar Rääsk Principal Press Officer Public Relations Bureau Kaiserstrasse 29 Estonia Blvd13 60311 FrankfurtamMain 15095 Tallinn Germany Estonia Tel.: +49691344 6594 Tel.: +372 668 0745 Fax: +49691344 7404 Fax: +372 668 0836 e-mail: [email protected] e-mail: [email protected] Internet: www.euro.ecb.eu Internet: www.eestipank.ee 1 The rules on the reproduction of eurobanknotes can be found at www.ecb.europa.eu/euro/html/reproduction.en.html 2 To request these publications, visit www.ecb.europa.eu/euro/html/materials.en.html 5 Eurocash changeoverinEstonia Following the approval by the EU From 1Januaryuntil 30 June 2011 this Ministers of Finance on 13 July 2010, the service will be extended to businesses eurowill become legal tender in Estonia and will coverboth eurobanknotes and on 1January2011. On this dateall coins. The currency exchange will be Estonian kroon balances in bank free of charge in all bank branches accounts will be converted intoeuro offering cash services. Selected bank automaticallyand free of charge. branches will continue to offerthese Furthermore, as of this dateonlyeuro services until 31 December 2011. will be used in electronic payments and onlyeurobanknotes will be issued by Thereafter, Eesti Pank will exchange ATMs. Estonian kroon banknotes and coins free of charge foranunlimited period of Adual currency circulation arrangement time and in unlimited quantities. During will be in place from 1to14January the processofcurrency exchange the 2011. During this period it will be anti-moneylaundering regulations in possible to paywith either Estonian forceinEstonia will be strictlyfollowed. kroons (EEK) or euro. As of 15 January 2011 onlyeurobanknotes and coins will be accepted forcash payments in Estonia. Starting in December 2010, commercial banks in Estonia will offermembers of the public the opportunity to exchange Estoniankroons foreurobanknotes at the irrevocablyfixed conversion rate of €1 =EEK 15.6466. Introduction of the euroinEstonia Keychangeoverdates Date “Sub-frontloading”ofcoins to companies September 2010 “Sub-frontloading”ofbanknotes to companies December 2010 Account conversionsand introduction of the eurobanknotes and coins 1January2011 Last dayonwhich Estonian kroon banknotes and coins will be legal tender 14 January2011 Exchange of Estonian kroon banknotes and coins at banks until 31 December 2011 Exchange of Estonian kroon banknotes and coins at Eesti Pank indefiniteperiod Irrevocable conversion rate €1 =EEK 15.6466 6 Eurocash changeoverin2002 and subsequent developments The eurocame intoexistence with the So did the swiftacceptance of euro estimated that, in value terms, irrevocable fixing of exchange rates on banknotes and coins by the then 10-20% of the eurobanknotes in 1January1999.3 However, it was initially 300 million or so citizens of the euro circulation –potentiallyafiguretowards the currency of the financial and foreign area. Since their introduction the the upper end of that range –are held exchange markets.Inthe eyes of many numberofbanknotes in circulationhas by individuals and businesses outside the people, the euroonlyarrived with the grownsteadily. At the end of June 2010 euroarea, which areusing the euro introduction of eurobanknotes and some 13.5 billion banknotes, worth either as astore of value or as aparallel coins. Ahuge logistical undertaking took roughly€812 billion, were in circulation currency. place in the run-up to 1January2002, (compared with close to 8billion when the eurobanknotes and coins banknotes, worth€221 billion,atthe Slovenia joined the euroareaon were introduced. Altogether some beginning of 2002). Eurobanknotes and 1January2007, followedbyCyprusand 15 billion banknotes were produced, coins arelegal tender throughout the Maltaon1January2008 and by Slovakia enough to cover15,000 football pitches, euroarea, regardless of wheretheywere on 1January2009. Estonia will join the while around 52 billion coins, the produced. Theycross borders in Europe euroareaon1January2011, becoming equivalent of 10,000 truckloads, were freelyasaresult of tourism and business its 17th member country. minted. These volumes were required transactions. The eurohas also become both to meet initial demand and to apopular currency worldwide.Itis provide stocks forthe national central banks (NCBs) of the euroarea. Banks, shops, securitycarriers and the cash- To tal number of eurobanknotes in circulation between operated machine industrywereall well January2002 and June 2010 prepared: the successful adaptation of their businesses contributed significantly 15 to the smooth introduction of the new billions banknotes and coins. Did youknowthat … 12 ! …bymid-January2002 over 90% of all cash transactions in the euro area were being carried out in euro, although twomonths had 9 been foreseen forthe transition? Consequently, most of the future members of the euroareaare nowopting forashorterdual 6 circulation period. 2002 2003 2004 2005 2006 2007 2008 2009 2010 3 Formoredetailed information, visit www.ecb.europa.eu/press/pr/date/1998/html/pr981201_2.en.html and www.ecb.europa.eu/press/pr/date/2001/html/pr010102.en.html 7 What do eurobanknotes look like? Design competitionand public survey The conceptual phase of the creation of the eurobanknotes began in February 1996, when the European Monetary Institute(EMI), the forerunner of the ECB, launched adesign competition. Atotal of 44 design proposals were submitted,4 and in September 1996 ajury of independent experts in marketing, advertising, design and artjudged the designs. The jurydrewuptwo shortlists: one of five design series on the “Ages and styles of Europe”theme and another of five design series on a“Modern/abstract” theme.AEuropean market and opinion research organisation was then commissioned to carry out asurvey of public acceptance of the shortlisted designs. Around 2,000 individuals participated throughout Europe.5 Taking account of the advice given by the juryand the results of the publicconsultation, the EMI Council selected, in December 1996, the seriessubmittedbyRobertKalina,a banknotedesigner at the
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