4A gold reserve is the gold held by a central bank or nation intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders (e.g., paper money), or trading peers, or to secure a currency.
5The physical appearance of euro banknotes is identical throughout the euro area. However, while all euro coins have a common “European" side, they also have a ‘national’ side. The common side has the same design in all the euro-area member states. The Irish national side depicts the harp. All euro coins are legal tender throughout the eurozone, irrespective of which national side the coins have.
617 Member States of the European Union use the euro as their currencyBelgiumGermanyEstoniaIrelandGreeceSpainFranceItalyCyprusLuxembourgMaltaThe NetherlandsAustriaPortugalSloveniaSlovakiaFinlandNon-participantsBulgaria, Czech Republic, Denmark, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom are EU Member States but do not currently use the single European currency.
7Not in Euro Bulgaria - Bulgarian lev Czech Republic - Czech koruna Denmark - Danish kroneLatvia - Latvian latsLithuania - Lithuanian litasHungary - Hungarian forintPoland - Polish złotyRomania - Romanian leuSweden - Swedish kronaUnited Kingdom - British pound
8Other Major currencies Australian dollarCanadian dollarChinese yuanIcelandic krónaIndian rupeeJapanese yenNew Zealand dollarRussian rubleSwiss francTurkish liraUnited States dollar
9Forms of Money Currency – notes and coins Cheques Debit Cards Credit Cards
24DIRT DEPOSIT INTEREST RETENTION TAX 20% tax on interest earned Retained by bank and returned to department of finance - governmentSeanCarmelY110% 50050Y210% 55055Y310% 60560.50Y410%66.55Interest200232.55DIRT20%4046.51Interest after DIRT160186.04
28Money transmission Money Transmission Cost Safety Record Cheque Stamp duty -50c per chequeVery safewrittenBank Draft€2.40 eachWrittenSOFree on some accountsWritten - StatementDDCTWritten – StatementEbankingNo charge for many transactionsSafe – internet risks – PINOnline Statement printable
29- fixed amount such as a mortgage/loan Standing Order – Use to pay an amount that stays the sameDirect Debit – used to pay a bill that Differs each time such as Electricity or Phone
30Simple Interest Q3a Simple Interest Y1 €500 x 5% 25 Y2 €500 x 5% Total75
31Simple Interest Q3b Simple Interest Y1 €1500 x 8% 120 Y2 €1500 x 8% Total600
32Simple Interest Q3c Simple Interest Y1 €1900 x 9% 171 Y2 €1900 x 9% Total1197
33Simple Interest Formula P = Principle sumT = Time/no. of yearsr = interest RateP x T x rExample 3a: 500 x 3 x 5% =75
344a Compound Annual Rate CAR Compound Annual Rate InterestY1 €500 x 5%25Y2 €525 x 5%26.25Y3 € x 5%27.56Total78.81
354b Compound Annual Rate CAR Compound Annual Rate InterestY1 €1,500 x 8%120Y2 € 1620 x 8%129.60Y3 € x 8%139.96Y4 € x 8%151.16Y5 € x 8%163.25Total703.97
364c Compound Annual Rate CAR Compound Annual Rate InterestY1 €1,900 x 9%171Y2 € 2071 x 9%186.39Y3 € x 9%203.16Y4 € x 9%221.44Y5 € x 9%241.37Y6 € x 9%263.10Y7 € x 9%286.78Total
424 methods a current account holder can make a payment 220.127.116.11.
43Lodgement Counterfoil What bank teller does:Significance for current account holder:
44TermsExplanations1. Endorsed Cheque(a) A cheque which the drawer informs the bank not to honour2. Stopped cheque(b) A cheque with two parallel lines on the front3. Open Cheque(c) A cheque signed on the back by the payee4. Blank Cheque(d) A cheque which is not crossed(e) A cheque with some of the details missing1234