Bank of Valletta is now in top gear with its preparations towards the euro changeover. With the countdown clock showing just 96 days to the historic moment when Malta will adopt the euro as its currency, the BOV management team today discussed the operational plans that the bank has in place to support the national effort towards a smooth currency changeover.
The discussion forum was addressed by Tonio Depasquale, BOV’s chief executive officer. “We have been working towards euro adoption for the past three years with our efforts intensifying over the past two years,” said Mr Depasquale. “Various structures that were purposely set up to implement the euro changeover project are fully engaged so as to ensure a smooth currency transition within the Bank of Valletta Group,” he added.
Mr Depasquale announced that in the final phase of the changeover process, the bank is involved in special simulation runs and the intensification of training for all its employees. “We are continuing to work closely with the national authorities and, as the official partner bank of the NECC, we are giving our full contribution towards a smooth changeover process,” he said.
Mr Depasquale encouraged the general public and the business community not to wait till 1 January to deposit surplus Maltese lira notes and coins into the banking system. “Everyone is encouraged to plan to have just the minimum amount of cash in hand at the end of the year. In that way, one would be ensuring a smooth changeover, avoiding the hassle of having to go to the bank to change cash denominated in Maltese liri into euro. The use of cards and other 24x7 payment channels should greatly facilitate matters for our customers,” concluded Mr Depasquale.
The discussion forum was addressed by Alan Camilleri, executive director of the NECC who congratulated BOV on their proactive and ambitious approach towards ensuring a smooth changeover for their customers. Mr Camilleri said, “Commercial banks have a crucially sensitive role to play in the currency changeover since they are the prime pushers of the new currency in circulation.” He emphasised the importance of branch managers to ensure the adequate and timely training to all their staff members. “During these last 96 days, branch mangers should focus their energies on assisting their business clients in identifying their cash requirements and providing the necessary cash to retailers to ensure adequate supplies come 1 January 2008.
In addition, cashiers and customer care personnel would need to be highly prepared and proficient in the use of the euro since their behaviour should foster among clients a sense of confidence and familiarity so necessary during the dual circulation period.”
Mr Camilleri concluded by assuring NECC’s continued support through the provision of training, information material and technical assistance to Bank of Valletta.
Other presentations were given by John Cassar Torreggiani, BOV’s executive head responsible for the euro programme and by Ivo Camilleri, head, IT Systems at BOV.