(1) Notes and coins denominated in Irish pounds or multiples or subdivisions thereof shall retain legal tender status until the 30th day of June, 2002, or such earlier date (in this Chapter referred to as the "earlier operative date") as the Minister may specify by order.

(2) The Minister may by order amend or revoke an order under this section before the earlier operative date.

(3) Where it is proposed to make an order under this section, including any order amending or revoking an order to which subsection (1) relates, a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House.

(4) Section 118 (3) of the Central Bank Act, 1989, is hereby repealed with effect from the day immediately following the earlier operative date or, where there is no such date, the day immediately following the 30th day of June, 2002.