"Loughrea is designated from today as Ireland's new Euro Town," Noel Treacy T.D., Minister for Science, Technology and Commerce said as he launched the Loughrea Euro Town Project at a press conference in Loughrea today (Monday 29th March 1999).

"The main objective of the project is to help firms in Loughrea to change over to transacting business denominated in euro, to the fullest extent possible, within the next 18 months and to use that experience throughout the country," Minister Treacy said.

"Businesses in Loughrea will significantly benefit from this initiative. Recent surveys have indicated that many large companies have prepared well for the euro. Small companies tend to be less well prepared and there is a danger that their preparations may well be delayed until the last minute. The Loughrea Euro Town Project will provide valuable and practical insights into the euro changeover requirements of small companies. These will be promoted through the Forfás EMU Business Awareness Campaign, the media and a series of regional seminars to assist companies throughout the country," the Minister said. Preparations for the euro include not only operational issues such as accounting, computing and dual currency pricing, but will also focus on strategic issues such as changes in the competitive environment and the sourcing of supplies. The project will provide technical assistance and training in these vital areas.

A project manager based in Loughrea will work closely with participating companies, advising and assisting them on changing over to the euro. The project manager will have the support of the Forfás EMU Business Awareness Campaign and access to the full range of business supports already developed by the Campaign. The project will be supervised by a Local Project Board, comprising members of the Loughrea Chamber of Commerce and Town Commissioners, the Forfás EMU Business Awareness Campaign, the Department of Enterprise, Trade and Employment and the Euro Changeover Board of Ireland. An Advisory Group, comprising of representatives of the Loughrea business sector, the local community and relevant state agencies, has been established to help the project meet its objectives.

The Forfás EMU Business Awareness Campaign will have responsibility for publicising the information gained from the Loughrea project and using it to assist companies in other parts of the country in preparing for the euro. Companies will be encouraged to avail fully of the business opportunities provided by the introduction of Economic and Monetary Union. The project is supported by the Department of Enterprise, Trade & Employment and the Euro Changeover Board of Ireland.

Commenting on the Loughrea initiative, John Travers, Chief Executive of Forfás stated "The project will last for approximately eighteen months at which stage it is envisaged that all participating firms in Loughrea will be euro ready. The project will encourage many to embrace euro non-cash transactions from an early stage. I expect that businesses, including retail outlets, will be fully prepared for the introduction of euro notes and coins from 1st January 2002."

The Minister Treacy congratulated Loughrea Chamber of Commerce on their initiative in proposing Loughrea as the location for this demonstration project. "This project will be of significant benefit not only to the businesses of Loughrea but to all businesses throughout the country. I am delighted that with the support of the Department of Enterprise, Trade and Employment, the Euro Changeover Board of Ireland and the Forfás EMU Business Awareness Campaign this innovative idea has become a practical reality. Economic and Monetary Union provides many opportunities for Irish business. It is important that these are availed of to the maximum extent," said Minister Treacy.