As the Ecofin Council yesterday gave its final approval to Malta’s application to join the eurozone and irrevocably fixed the conversion rate at EUR1 = Lm0.4293, Bank of Valletta marked the official countdown to the adoption of the euro by launching a “countdown clock” on the front page of its website www.bov.com.

“The euro is now a reality and will be our currency as from 1 January 2008,” said Tonio Depasquale, chief executive officer at Bank of Valletta, as the decision of the Ecofin Council was confirmed. “As the NECC official partner bank, Bank of Valletta is playing a leading role in the euro adoption process and we are committed not only to support our customers, but to assist the public so as to ensure a transition that is as straightforward and efficient as possible,” he added.

“By launching our euro countdown clock today, we wanted to mark this historic decision. We also wanted to signal that, as Malta’s largest bank, we are fully focused on working with the relevant authorities, participating as major players in this national project that will see us replace the Maltese lira with the euro as from 1 January. Our goal is to make this project a success,” concluded Mr Depasquale.