Brussels, 28/06/2001 (Agence Europe) - European citizens, who will have Euros in their pockets as of 1 January 2002, are starting with relative speed to empty their piggy banks of national coins or to spend their large denomination notes. Three countries are in advance in this "divesting" process: France, German and the Netherlands.
The French have begun by emptying their cash savings. According to the Bank of France, they have started to open their safes, by spending the equivalent of EUR 5.2 billion (of which EUR 2.7 billion in FF 500 notes), but there remains EUR 18.3 billion in notes still hoarded.
In Germany, some 100,000 tonnes of coins remain with individuals, according to the Bundesbank, and the initiative launched by the German Banking Federation (BDB) to recuperate them has not seen the success envisaged. At the end of May, the Austrian authorities launched a similar operation, named "Give the schillings a chance", suspended for the holidays and will continue in the autumn: the national bank seems unconcerned and feels that it will recuperate half the 6.5 billion coins issued since 1945. Same attitude in Spain, where buying a home or doing work with undeclared money is common practice.
In Belgium, where one billion coins are in piggy banks (or one quart if the existing total), a "Piggy bank operation" will be organised on 15 November: transparent sleeves, called "clips" will be distributed in banks, post offices and schools and, once filled, they may be deposited at the tills in banks and post offices which will credit, immediately and without charges, the account with the value of the coins. The Finnish will surely be less pressed to return their notes and coins in markkas: to believe an advisor to the Minister for Finances, the national bank gave them ten years to exchange them.