Brussels, 21/09/2001 (Agence Europe) - Eurozone citizens who have been hoarding money under their mattresses have started depositing it in bank accounts ahead of the upcoming currency upheaval, says the ECB in its September report. It reports that the volume of notes in circulation in the eurozone contracted at a faster rate between the fourth quarter of 2000 and the second quarter of 2001. In July 2000, the drop in cash in circulation reached the rate of 6.4% in a year, notes the ECB, which puts this change down to economic agents preparing for the introduction of euro notes and coins. The Bank comments that economic agents seem to be liquidating substantial stocks of money set aside for a rainy day, rather than for immediate spending purposes, since the fall in currency circulation is predominantly in large denominations, favoured by hoarders. The ECB sees this as good news for those who want their changeover to the euro to be smooth, since one of the concerns of the banks is that there will be huge deposits of hoarded notes and coins from 1 January onwards, amassed by old people in particular.