Specialists from Bank of Valletta, Valletta Fund Management, the National Euro Changeover Committee and the Central Bank of Malta yesterday got together in a seminar aimed at businesses giving practical and hands on experience on how the forthcoming euro conversion will impact organizations both from an operational and strategic point of view.
The seminar, entitled Business Gearing up for the Euro, was chaired by Joseph F.X. Zahra, chairman of the National Euro Changeover Committee and was held at Hilton Malta.
It attracted participation from over 300 delegates representing a wide cross-section of Malta’s business community in what is considered to be a clear indication that the preparations by Maltese businesses to gear up to the adoption of the euro are gathering momentum.
Victor Galea, president of the Malta Chamber of Commerce and Enterprise, said the seminar was organised to raise awareness and provide practical assistance to the local business community in preparing for the Euro conversion.
“Euro adoption means the removal of trade barriers for the full integration of our businesses into the euro area, and in order to reap the benefits of euro adoption, the business community must be prepared both from an operational and a strategic point of view,” said Mr Galea.
Robert Caruana, senior executive at the Central Bank of Malta, who in August 2004 was chosen to manage the Euro Project, focused mainly on important milestones of the Euro change-over and the tasks ahead in the final run-down to E-day. Mr Caruana highlighted important dates in the history of EMU and Malta’s progress to the adoption of the Euro and spoke on the final preparations especially regarding the cash change-over up to E-day and beyond.
Dr Alex Wells, responsible for the coordination and support of the organizational change related to Euro changeover at the NECC, addressed the seminar on a number of guidelines for the business sector.
His presentation focused on the introduction of dual display, highlighting why this introduction is important and how it should be done. He also referred to the manner by which euro values are obtained through the rounding of the converted monetary value, and, how smoothing can be applied to rounded values in exceptional circumstances. He concluded his presentation by referring to the introduction of the FAIR initiative, its benefits, commitments and management.
Joseph M. Camilleri Head, IT Systems Bank of Valletta plc, gave a detailed and practical presentation on how BOV is handling its organisational preparations in relation to the Euro changeover project. Mr Camilleri related to the uniqueness of each organisation’s preparations in terms of operational continuity, increased competitive pressures, exploitation of arising opportunities and the inter-linkage of the organisational business model within the new currency framework.
Mr Camilleri also gave particular importance to having a champion for this important project and that it is fully supported by the top management of the organisation. Particular importance should also be given towards ensuring that the three main constraints, namely time management, cost containment and deliverables, are adequately focused on. Mr. Camilleri emphasised that information and communication technology within the context of Euro changeover is widely far more complex than within the context of the previous Y2K challenge.
Mark Vella, marketing manager at Valletta Fund Management Ltd, spoke about euro denominated investment solutions and how the Bank of Valletta Group is already offering a wide range of euro denominated products to meet the particular needs of its customers.
The seminar was organised by Bank of Valletta in collaboration with the National Euro Changeover Committee and the Malta Chamber of Commerce and Enterprise.