Central Bank warns on counterfeit notes

As the use of cash hits its peak at this time of year, the Central Bank warned that there is a corresponding increase in the opportunities for counterfeiters to pass off counterfeit banknotes to unsuspecting consumers. The Central Bank urged shoppers and those celebrating the Christmas season to be extra vigilant for counterfeit notes in the coming days and weeks, as this is an ideal time of the year for counterfeits to enter circulation.

A spokesperson for the Central Bank said: "Anyone who suspects they have a counterfeit banknote should pass it over to their local Gardai. Euro banknotes are produced to the highest standards and contain security features which are hard to counterfeit. It should be relatively easy to spot counterfeits and we would remind people to stay alert over the Christmas period.”

The Central Bank is advising consumers to check any suspect banknote by using the simple FEEL-LOOK-TILT test. This includes:

· Feel – the printing processes give banknotes their unique feel, which includes raised print.

· Look –when the banknote is held up to the light a picture and the value of the banknote become visible as a watermark, while the security thread can also be seen as a dark line.

· Tilt – on the lower denomination notes (EUR 5, 10, 20), a hologram appears on the foil stripe on the front of the banknote. On the higher value notes (EUR 50,100, 200, 500) a hologram appears on the foil patch on the front of the banknote.

In order to help shopkeepers maintain sufficient change in their tills, the Central Bank also reminded the public to use their coins and low value banknotes when paying for purchases.

Over 3 billion euro coins have been put into circulation in Ireland since 2002, and these are especially important at Christmas time, when the use of cash increases. Further information on the banknote security features is available on the Central Bank’s website: www.centralbank.ie.

Public information leaflets are available in the Central Bank, Dame Street, Dublin 2, or by phoning (01) 295 5666.