Wexford Town to Host Central Bank 1 and 2 cent Rounding Trial
The Central Bank today announced that Wexford Town has been chosen to host its 1c and 2c Rounding Trial.
The Trial will run in Wexford town over a number of weeks later in the Autumn. It 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.
The proposal for a Rounding Trial in an Irish town is contained in the National Payments Plan, a strategic roadmap for transforming payments in Ireland published by the Central Bank in April 2013.
Commenting on the announcement, Programme Manager for the National Payments Plan, Ronnie O’Toole said, ‘We are delighted to have chosen Wexford Town to host the Rounding Trial and we look forward to working with Wexford Chamber, local businesses and the people of Wexford over the next few months in what promises to be a very interesting project. Initial research suggests that both consumers and retailers are well disposed to engaging in the trial which will provide an excellent testing ground for issues that might arise.’
Madeleine Quirke, Chief Executive of Wexford Chamber of Commerce said: ‘Hosting the Rounding Trial represents a fantastic opportunity for Wexford Town as it presents a highly innovative transformation in the way that transactions take place. It is 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.’
Planning for the trial has started and further details will be announced in due course. Information will be provided to households and businesses in Wexford Town leading up to and during the trial.
Ronnie O’Toole added: ‘The Government’s view on whether to roll out the Rounding Trial nationally will be informed by the outcome of the Wexford Town Rounding Trial.’
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· When rounding is applied, cash transactions are rounded to the nearest 5 cent at the till to remove the need for 1 and 2 cent coins.
· For example
a. a transaction costing €1.21 or €1.22 will be rounded to €1.20
b. a transaction costing €1.23 or €1.24 will be rounded to €1.25
c. a transaction costing €1.26 or €1.27 will be rounded to €1.25
d. a transaction costing €1.28 or €1.29 will be rounded to €1.30.
· It is important to note that the price of individual goods or services will remain unchanged. Only the total bill will be rounded to the nearest 5 cent at the till to remove the need for 1 and 2 cent coins.
· For example, two items priced at €10.22 and €15.54 will remain at these prices, though the total bill (€25.76) will be rounded down to €25.75.