All deposit accounts denominated in Maltese lira, irrespective of whether these are fixed, savings or current, will be automatically converted to euro at the irrevocable fixed convergence rate at no expense to the client. Malta plans to adopt the euro as its national currency on 1 January 2008 and if it does, all bank deposit accounts in Lm will automatically convert to euro as the clock welcomes in the New Year.

John Cassar Torregiani, Executive Head responsible for the Euro Changeover Programme at Bank of Valletta announced this during a training session with BOV employees,.

The training sessions form part of BOV’s euro changeover strategy that is based on three main pillars, namely communication, cash management and information technology. In order to strengthen its communication strategy, the bank has embarked on an intense euro changeover communication programme for its staff members, the business community and the general public. The bank’s euro changeover committee is currently organising a series of information sessions for all BOV employees.

Further information on the euro changeover is available on BOV’s website at www.bov.com.