I am writing to invite you to participate in the 1 and 2 cent Rounding Trial which the Central Bank is running in Wexford Town from mid-September to mid-November 2013.
The Trial will reduce the number of 1 and 2 cent coins in circulation, test how rounding will work in practice, and assess the reaction of consumers and retailers.
Independent research suggests that both consumers and retailers are well disposed towards engaging in the Trial and Wexford will provide an excellent testing ground for the initiative. Attitudes of consumers and merchants to the Rounding Trial will be assessed by independent research commissioned by the Central Bank and carried out before and after the Trial.
How will the Rounding Trial work?
The Rounding Trial rules are simple and fair for all. Cash transactions are rounded to the nearest 5 cent at the till to remove the need for 1 and 2 cent coins in giving change. The price of individual goods or services will remain unchanged as only the total bill will be rounded. Non-cash transactions are not affected. Participation in the Rounding Trial is voluntary. More information is set out in the attached explanatory note, click here
Communications with consumers
Before the initiative commences, the Central Bank will engage in a significant public information campaign to make consumers aware of the Rounding Trial. This will involve a leaflet mail-out to all households in the area, advertisements in local newspapers and on local radio, posters in venues providing public information, the development of a dedicated Wexford Rounding Trial website and helpline as well as generating significant news coverage of the Trial.
Who has already signed up to support the Trial?
The hosting of the Rounding Trial in Wexford is being strongly supported by Wexford Chamber of Commerce which sees the initiative as a great opportunity to show Wexford Town in a positive light and help cement the brand of Wexford Town as being highly innovative and a great retail experience. The initiative is also being supported by national representative bodies such as Retail Ireland, Retail Excellence Ireland, RGDATA and the CSNA. The Trial is likely to attract interest from across Ireland and potentially from other Eurozone countries which are considering similar initiatives.
How will merchants be supported?
Merchants who participate in the Rounding Trial will be provided with a range of supports including training materials, direct training for key staff on how rounding works, Rounding Trial signage for display in-store and access to a helpline. Each participating Merchant will be provided with supporting material at least one week prior to the commencement of the Trial.
If you are interested in participating in the Rounding Trial, please email firstname.lastname@example.org or telephone 1800 505 560 to arrange to speak to one of the Rounding Trial team members. In the coming week, you will be contacted by a team member to discuss your participation.
The Rounding Trial is an important national initiative which will also bring benefits to Wexford town and I hope that you will be able to participate.
Chief Executive Officer