It was announced in May 1998, that the rates at which the participating currencies will be irrevocably locked against each other from 1st January 1999, will be based on their ERM central rates as set out in the following table :
ERM Bilateral Central Rates to be used in determining the irrevocable conversion rates for the Euro
| € | DM 100= | BF/LF 100= | SP 100= | FF 100= | IEP 1= | ITL 1000= | DF 100= | AS 100= | ESC 100= | FM 100= |
| DM | ||||||||||
| BF/LF | 2062.55 | |||||||||
| SP | 8507.22 | 412.462 | ||||||||
| FF | 335.386 | 16.2608 | 3.944237 | |||||||
| IEP | 40.2676 | 1.95232 | 0.473335 | 12.0063 | ||||||
| ITL | 99000.2 | 4799.90 | 1163.72 | 29518.3 | 2458.56 | |||||
| DF | 112.674 | 5.46285 | 1.32445 | 33.5953 | 2.79812 | 1.13812 | ||||
| AS | 703.552 | 34.1108 | 8.27006 | 209.774 | 17.4719 | 7.10657 | 624.415 | |||
| ESC | 10250.5 | 496.984 | 120.492 | 3056.34 | 254.560 | 103.541 | 9097.53 | 1456.97 | ||
| FM | 304.001 | 14.7391 | 3.57345 | 90.6420 | 7.54951 | 3.07071 | 269.806 | 43.2094 | 2.96571 |