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Barter
Coin
Notes
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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.
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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.
17 Member States of the European Union
use the euro as their currency
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Belgium
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Germany
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Estonia
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Ireland
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Greece
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Spain
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France
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Italy
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Cyprus
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Luxembourg
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Malta
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The Netherlands
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Austria
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Portugal
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Slovenia
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Slovakia
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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.
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Bulgaria - Bulgarian lev
Czech Republic - Czech koruna
Denmark - Danish krone
Latvia - Latvian lats
Lithuania - Lithuanian litas
Hungary - Hungarian forint
Poland - Polish złoty
Romania - Romanian leu
Sweden - Swedish krona
United Kingdom - British pound
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Australian dollar
Canadian dollar
Chinese yuan
Icelandic króna
Indian rupee
Japanese yen
New Zealand dollar
Russian ruble
Swiss franc
Turkish lira
United States dollar
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Currency – notes and coins
Cheques
Debit Cards
Credit Cards
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Laser/Switch
Money in the account
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Visa
Borrowing money
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America express
Diners Club
Type of Credit card where balance must be
cleared on receipt of statement
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Arnotts
Clearys
Debenhams
Store credit card – like a credit card but can
only use it in that store
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Allied Irish Bank - AIB
Bank of Ireland
Ulster bank
Permanent TSB – Trustee Saving Bank
ACC – Agricultural Credit Company
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EBS – education building society
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Co – op owned and run by members
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Savings
Investments
AIB banking
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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
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Savings earn interest
Interest subject to DIRT – deposit interest
retention tax
Some An Post schemes not subject to DIRT
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Simple Interest
Compound Annual Rate (CAR) Interest
Sean
Carmel
Y1
10% 500
50
10% 500
50
Y2
10% 500
50
10% 550
55
Y3
10% 500
50
10% 605
60.50
Y4
10% 500
50
10% 665.50
66.55
200
232.55
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DEPOSIT INTEREST RETENTION TAX
20% tax on interest earned
Retained by bank and returned to department
of finance - government
Sean
Carmel
Y1
10% 500
50
10% 500
50
Y2
10% 500
50
10% 550
55
Y3
10% 500
50
10% 605
60.50
Y4
10% 500
50
10% 665.50
66.55
Interest
DIRT
200
20%
Interest after DIRT
40
160
232.55
20%
46.51
186.04
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Foreign cash
Cross Border Draft
Travellers cheques
Laser card
Credit Card
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Euro to Foreign Currency
◦ Multiply by the sell Rate
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Foreign Currency to Euro
◦ Divide by the buy Rate
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AIB
ACC
DIRT
DD
SO
CT
CAR
EBS
Money
Transmission
Cost
Safety
Record
Cheque
Stamp duty -50c Very safe
per cheque
written
Bank Draft
€2.40 each
Very safe
Written
SO
Free on some
accounts
Very safe
Written Statement
DD
Free on some
accounts
Very safe
Written Statement
CT
Free on some
accounts
Very safe
Written –
Statement
Ebanking
No charge for
many
transactions
Safe – internet
risks – PIN
Online
Statement
printable
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
Simple Interest
Y1 €500 x 5%
25
Y2 €500 x 5%
25
Y3 €500 x 5%
25
Total
75
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
Total
600
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
Total
1197
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P = Principle sum
T = Time/no. of years
r = interest Rate
PxTxr
Example 3a: 500 x 3 x 5% =75
Compound Annual Rate Interest
Y1 €500 x 5%
25
Y2 €525 x 5%
26.25
Y3 €551.25 x 5%
27.56
Total
78.81
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
Total
703.97
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
Total
1573.24
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P = Principle
r = interest rate
T = time
P (1+ r)T
Interest
DIRT rate
DIRT
200
20%
40
800
20%
160
PxTxr
Interest
DIRT rate
DIRT
2500x1x5%
125
20%
25
3000x1x6%
180
20%
36
4500x1x8%
360
20%
72
5700x1x7%
399
20%
79.80
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John Paid a Cheque (Bank of Ireland )to Olive.
Drawer:
Drawee:
Payee:
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Endorsed cheque:
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Dishonoured cheque:
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1.
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2.
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3.
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4.
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What bank teller does:
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Significance for current account holder:
Terms
Explanations
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
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