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 Barter  Coin  Notes  A 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.

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Presentation on theme: " Barter  Coin  Notes  A 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."— Presentation transcript:

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3  Barter  Coin  Notes

4  A 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.goldcentral bankstore of value

5  The 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.

6 17 Member States of the European Union use the euro as their currency  Belgium  Germany  Estonia  Ireland  Greece  Spain  France  Italy  Cyprus  Luxembourg  Malta  The Netherlands  Austria  Portugal  Slovenia  Slovakia  Finland Non-participants Bulgaria, 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.

7  Bulgaria - Bulgarian levBulgarian lev  Czech Republic - Czech korunaCzech koruna  Denmark - Danish kroneDanish krone  Latvia - Latvian latsLatvian lats  Lithuania - Lithuanian litasLithuanian litas  Hungary - Hungarian forintHungarian forint  Poland - Polish złotyPolish złoty  Romania - Romanian leuRomanian leu  Sweden - Swedish kronaSwedish krona  United Kingdom - British poundBritish pound

8  Australian dollar Australian dollar  Canadian dollar Canadian dollar  Chinese yuan Chinese yuan  Icelandic króna Icelandic króna  Indian rupee Indian rupee  Japanese yen Japanese yen  New Zealand dollar New Zealand dollar  Russian ruble Russian ruble  Swiss franc Swiss franc  Turkish lira Turkish lira  United States dollar United States dollar

9  Currency – notes and coins  Cheques  Debit Cards  Credit Cards

10  Laser/Switch  Money in the account

11  Visa  Borrowing money

12  America express  Diners Club  Type of Credit card where balance must be cleared on receipt of statement

13  Arnotts  Clearys  Debenhams  Store credit card – like a credit card but can only use it in that store

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15  Allied Irish Bank - AIB  Bank of Ireland  Ulster bank  Permanent TSB – Trustee Saving Bank  ACC – Agricultural Credit Company

16  EBS – education building society

17  Co – op owned and run by members

18  Savings  Investments  AIB banking

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21  Cheques – with current account  Bank Draft  Standing Order – SO  Direct Debit – DD  Credit Transfer – CT  Paypath – CT for paying wages  Cards – credit cards, laser cards, ATM cards, Smart cards  Night Safes  ATM – automated teller machine  Ebanking - Online banking

22  Savings earn interest  Interest subject to DIRT – deposit interest retention tax  Some An Post schemes not subject to DIRT

23  Simple Interest  Compound Annual Rate (CAR) Interest SeanCarmel Y110% 5005010% 50050 Y210% 5005010% 55055 Y310% 5005010% 60560.50 Y410% 5005010% 665.5066.55 200232.55

24  DEPOSIT INTEREST RETENTION TAX  20% tax on interest earned  Retained by bank and returned to department of finance - government SeanCarmel Y110% 5005010% 50050 Y210% 5005010% 55055 Y310% 5005010% 60560.50 Y410% 5005010% 665.5066.55 Interest200232.55 DIRT20%4020%46.51 Interest after DIRT160186.04

25  Foreign cash  Cross Border Draft  Travellers cheques  Laser card  Credit Card

26  Euro to Foreign Currency ◦ Multiply by the sell Rate  Foreign Currency to Euro ◦ Divide by the buy Rate

27  AIB  ACC  DIRT  DD  SO  CT  CAR  EBS

28 Money Transmission CostSafetyRecord ChequeStamp duty -50c per cheque Very safewritten Bank Draft€2.40 eachVery safeWritten SOFree on some accounts Very safeWritten - Statement DDFree on some accounts Very safeWritten - Statement CTFree on some accounts Very safeWritten – Statement EbankingNo charge for many transactions Safe – internet risks – PIN Online Statement printable

29 Standing Order – Use to pay an amount that stays the same - fixed amount such as a mortgage/loan Direct Debit – used to pay a bill that Differs each time such as Electricity or Phone

30 Simple Interest Y1 €500 x 5%25 Y2 €500 x 5%25 Y3 €500 x 5%25 Total75

31 Simple Interest Y1 €1500 x 8%120 Y2 €1500 x 8%120 Y3 €1500 x 8%120 Y4 €1500 x 8%120 Y5 €1500 x 8%120 Total600

32 Simple Interest Y1 €1900 x 9%171 Y2 €1900 x 9%171 Y3 €1900 x 9%171 Y4 €1900 x 9%171 Y5 €1900 x 9%171 Y6 €1900 x 9%171 Y7 €1900 x 9%171 Total1197

33  P = Principle sum  T = Time/no. of years  r = interest Rate P x T x r Example 3a: 500 x 3 x 5% =75

34 Compound Annual Rate Interest Y1 €500 x 5%25 Y2 €525 x 5%26.25 Y3 €551.25 x 5%27.56 Total78.81

35 Compound Annual Rate Interest Y1 €1,500 x 8%120 Y2 € 1620 x 8%129.60 Y3 €1749.60 x 8%139.96 Y4 € 1889.56 x 8%151.16 Y5 € 2040.72 x 8%163.25 Total703.97

36 Compound Annual Rate Interest Y1 €1,900 x 9%171 Y2 € 2071 x 9%186.39 Y3 € 2257.39 x 9%203.16 Y4 € 2460.55 x 9%221.44 Y5 € 2681.99 x 9%241.37 Y6 € 2923.36 x 9%263.10 Y7 € 3186.46 x 9%286.78 Total1573.24

37  P = Principle  r = interest rate  T = time P (1+ r) T

38 InterestDIRT rateDIRT 20020%40 80020%160

39 PxTxrInterestDIRT rateDIRT 2500x1x5%12520%25 3000x1x6%18020%36 4500x1x8%36020%72 5700x1x7%39920%79.80

40  John Paid a Cheque (Bank of Ireland )to Olive.  Drawer:  Drawee:  Payee:

41  Endorsed cheque:  Dishonoured cheque:

42  1.  2.  3.  4.

43  What bank teller does:  Significance for current account holder:

44 TermsExplanations 1. Endorsed Cheque(a) A cheque which the drawer informs the bank not to honour 2. Stopped cheque(b) A cheque with two parallel lines on the front 3. Open Cheque(c) A cheque signed on the back by the payee 4. Blank Cheque(d) A cheque which is not crossed (e) A cheque with some of the details missing 1234


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