(1)

Article 52 of the Statute requires that the Governing Council take the necessary measures to ensure that banknotes denominated in currencies with irrevocably fixed exchange rates are exchanged by the national central banks (NCBs) of participating Member States at their respective par values. These measures involve the exchange of banknotes of a new participating Member State: (a) into euro banknotes and coins; or (b) for the crediting of funds to an account. By contrast, whenever a new participating Member State has a transitional period, then during that period these measures will instead involve the exchange of banknotes: (a) into the national currency of that new participating Member State; or (b) for the crediting of funds to an account.

(2)

Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (1) provides for different possible cash changeover regimes for Member States that adopt the euro. This Guideline ensures that the exchange of new participating Member States’ banknotes can take place regardless of which national cash changeover regime is chosen.

(3)

Certain categories of banknotes, namely badly mutilated banknotes and banknotes which have been marked as part of national marking schemes to facilitate and protect the withdrawal of national banknotes, do not generally qualify for exchange and are therefore excluded from exchange under this Guideline.

(4)

In the event that a new participating Member State has a transitional period, then the duration of the arrangements under this Guideline in that Member State will be longer as they will take this period into account, although such a transitional period should not prolong the exchange period for banknotes of other new participating Member States,

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‘participating Member State’ means a Member State that has adopted the euro,

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‘new participating Member State’ means a participating Member State that has adopted the euro but in which euro banknotes and coins are not the only legal tender,

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‘euro adoption date’ means the date on which the abrogation of a given Member State’s derogation under Article 122(2) of the Treaty enters into force,

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‘dual circulation period’ means the period between the cash changeover date in a given new participating Member State and the last date on which the national currency of that new participating Member State can be used as legal tender in parallel with the euro,

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‘cash changeover date’ means the date on which euro banknotes and coins acquire the status of legal tender in a given new participating Member State,

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‘national currency’ means the banknotes and coins of a new participating Member State that were issued by the competent authority in that Member State before the euro adoption date,

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‘banknotes of a new participating Member State’ means banknotes issued by the NCB of a new participating Member State which were legal tender on the day before the euro adoption date and which are presented to another NCB or the latter’s appointed agent for exchange,

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‘transitional period’ means a period of three years at the most beginning at 00.00 hours (local time) on the euro adoption date and ending at 00.00 hours (local time) on the cash changeover date,

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‘Eurosystem NCB’ means the NCB of a participating Member State (including an NCB of a new participating Member State),

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‘par value’ means the value resulting from the conversion rates adopted by the EU Council under Article 123(4) of the Treaty, without any spread between buying and selling rates,

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‘marking’ means the identification of banknotes with a distinctive and specific symbol, for example holes punched by perforators, as part of a national marking scheme to facilitate and protect the withdrawal of banknotes of a new participating Member State that were issued by the competent authority in that Member State before the euro adoption date.