PRESS RELEASE

Determination of the number of euro banknotes to be printed before the launch date of 1 January 2002

13 July 2000

As already announced via the Introductory Statement of the press conference following the Governing Council meeting on 6 July 2000, the ECB carries out an annual forecasting exercise to determine the number of euro banknotes to be printed before the launch date of 1 January 2002. This year's forecast shows that there will be a need of 14.5 billion banknotes, as compared with last year's estimate of 13 billion banknotes. This figure (in contrast to that one published last week) includes the production volume for Greece. The increase can be attributed to three main factors:

  • a higher than expected figure for banknotes in circulation, which is the basis for the estimates of the launch stocks;

  • a higher forecast for the use of low-denomination banknotes; and

  • a slower than previously expected development in the use of electronic money.

10 billion banknotes are expected to be put into circulation to replace the national banknotes and 4.5 billion are considered logistical stocks. The nominal value of these banknotes amounts to approximately EUR 649 billion.

For further information, please see the attached tables - Annex 1 and Annex 2.

Annex 1

Number of euro banknotes to be produced by 1 January 2002 (in millions of banknotes)
Belgium 530
Germany 4,342
Greece 581
Spain 1,924
France 2,570
Ireland 243
Italy 2,380
Luxembourg 46
Netherlands 655
Austria 520
Portugal 535
Finland 219
Total EU-12 14,545

Annex 2

Number of euro banknotes to be produced by 1 January 2002, broken down by denomination (in millions of banknotes)
EUR 5 2,415
EUR 10 3,013
EUR 20 3,608
EUR 50 3,674
EUR 100 1,246
EUR 200 229
EUR 500 360

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