(1) The Central Bank Act, 1989, is hereby amended by the substitution for section 24 (as amended by section 13 of the Central Bank Act, 1998) of the following:
"24. By virtue of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro, from the 1st day of January, 1999 -
(a) the currency of the State is the euro, and
(b) the Irish pound unit (within the meaning of the Economic and Monetary Union Act, 1998) is a subdivision of the euro."
(2) The Act of 1969 is hereby amended in section 2 by the substitution of the following for subsection (2):
"(2) The Irish pound and the penny shall be legal denominations or units of money in Irish currency.".