The Irish euro changeover campaign certainly hit the nail on the head when it adopted the slogan “The euro…the Change is in your pocket!”

This really does capture the practical aspects of the change in currency, as a change in a country’s currency has significant effects on the economy.

The euro is primarily an economic and financial issue. However, it will no doubt affect each and every person, particularly when carrying out the day-to-day transactions that we all take for granted.

The easier part of any changeover is that related to the mechanics and logistics of getting the new currency in circulation. Changing mentalities, attitudes and practices is surely the most challenging aspect of any currency changeover, since it involves the calculation back and forth of monetary amounts between the old currency and the new one. Obviously, the preferable solution would be to manage to make the change to “thinking in euro” as quickly as possible. Indeed, the experience of the previous change-over, demonstrated that this is easier said than done and it is in our common interest to find strategies to assist a speedy “mental changeover” to the euro. Nonetheless, there are practical aspects that need seeing to.

One of the main questions to which you may wish to find an answer is how exactly your money will be converted into euro, in such a short period of time? The answer is that all bank accounts denominated in Maltese lira will be converted automatically at the stroke of midnight on 31 December 2007. This exercise will be carried out by your commercial bank and no charges will apply. It will be appreciated that this is a lengthy process and it might actually be around 48 hours before all bank balances are converted successfully.

With regard to the actual cash in your purse or wallet, a one-month period of dual circulation will give you adequate time to dispose of any Maltese lira cash through your regular purchases. During this period, you have the option of paying in Maltese lira, but will receive the change in euro. This approach will facilitate the removal of Lm notes and coins from circulation.

Of course, ATMs will also be giving out euro notes and coins as from

e-day. Any ATM that is not in a position to do so by this date will be out of operation until it has been adjusted accordingly.

An important point to remember is that if you have some cash at home, you can exchange or deposit it in euro at your commercial bank without having to pay any conversion charges. This service will be available for up to three months after the adoption of the euro.

If you do not manage to exchange your money within this period, you still have the option of exchanging Lm at the Central Bank of Malta. Lm coins will be accepted for up to two years following e-day, while Lm notes can be exchanged up to 10 years later.

These essential tips are the first of a series that will be made public. For further information, you may log

on to the National Euro Changeover Committee’s website www.euro. gov.mt or you can talk directly to an information officer on Linja Ewro 154 during office hours. We look forward to hearing from you!

Claire Azzopardi is an information officer with the National Euro Changeover Committee