As of the 16th June 2015 the Government have agreed to rollout the rounding of 1c and 2c coins nationally. This will lead to the withdrawal of the coins from circulation. The Central Bank will assume responsibility for the national project – they will ensure the public and consumers are well informed in advance of the rollout. The Central Bank have yet to finalise how rounding will be fully implemented but it is expected to be rolled out in the next few months. In a statement, the Central Bank said the key features of rounding will be as follows:

• Rounding will be conducted on a voluntary basis
• 1c and 2c coins will remain legal tender
• Rounding will apply only to cash payments
• The total amount of any bill will be rounded down or up to the nearest 5c.

Rounding off to the nearest five cent means that a transaction totalling €5.96 or €5.97 would be rounded down to €5.95; while a transaction totalling €5.98 or €5.99 would be rounded up to €6. Six EU Member States have already adopted a symmetrical rounding policy including The Netherlands, Sweden, Finland, Denmark, Hungary and Belgium.

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