The British banking industry has set out its outline blueprint for UK entry to the euro.

The British Bankers' Association and the Association for Payment Clearing Services, on behalf of the banking industry, has set out the banking industry's current position on the practicalities and lead-times that would be involved in a changeover to euro in the UK.

The document concludes that a period of two years would be required between a government decision to proceed with UK entry and when the banks' retail systems could be made ready. A further period of between 10 and 14 months would be required before notes and coin could be introduced.

Forum Response: British Bankers' Association

Ian Mullen, chief executive of the BBA, told ePolitix.com: "The industry has produced this blueprint as a result of the planning work it has done in response to the government's 'prepare and decide' policy.

"Although the industry neither supports nor opposes UK entry in principle the blueprint does set out a base line against which further detailed planning could be done in the future.

"A significant amount of preparatory work has now been done. However, no significant investment is being made by the banking industry in advance of a government decision to proceed with UK entry."

Forum Response: APACS

Chris Pearson, chief executive of APACS, told ePolitix.com: "The blueprint is intended to answer some of the practical questions we have been asked about how the industry would prepare for a euro changeover if the government and the people were to decide to join.

"The timetable proposed by HM Treasury would be extremely challenging for the banking industry and we believe that it is necessary to address some of the key preparatory issues now."

"This blueprint responds to, and builds upon work completed and published by other UK institutions recently. It includes the lessons learnt from the first wave countries that introduced euro notes and coin at the beginning of the year."

Forum Response: Lloyds TSB

A spokeswoman for Lloyds TSB told ePolitix.com: "We welcome the publication of the blueprint. Along with all the other banks we have been working closely with the BBA in its production."

Forum Response: Barclays

A spokesman for Barclays told ePolitix.com: "We fully support the industry's blueprint and have been closely involved in its preparation."