Over 200 delegates from the business community attended a Bank of Valletta information seminar on the euro changeover process. Titled “Practical Aspects Related to the Euro Changeover Project for the Business Community”, this seminar formed part of the communication strategy that BOV has been implementing to ensure a seamless changeover to the Euro. The seminar was held at the Hilton Malta.
The seminar was addressed by BOV’s John Cassar Torreggiani,Executive Head, Euro Programme; Peter James Sant, Senior Economics Officer EU Affairs; Joe Baldacchino, Manager Cash Centre and Ivo Camilleri, Head IT Services. The objective of this seminar was to assist Bank clients in the euro changeover project, particularly in their interaction with the Bank during this critical time.
John Cassar Torreggiani stated that Bank of Valletta is committed to ensure that the euro changeover process is as seamless as possible. “To make this transition possible it is important for local businesses to deposit surplus Maltese lira notes and coins well in advance of euro-day to reduce the amount of currency exchange. Moreover, in order to simplify the management of cash, we encourage Maltese businesses to make increased use of electronic means of payment,” said Mr. Cassar Torreggiani.
In his presentation Mr Sant mentioned that the euro becomes legal tender in Malta on the 1st of January 2008. “To facilitate the euro adoption process, as euro-day approaches, the banks have agreed that as from 1st December this year they will undertake all Lm/euro exchanges at the irrevocably fixed conversion rate, without the application of any exchange charges,” said Mr. Sant. He said that Banks will automatically convert all Lm denominated accounts, including credit card accounts, into euro on euro-day, and this will be done free of charge at the irrevocably fixed conversion rate.
Joe Baldacchino highlighted that businesses will need to carry an adequate cash float of euro notes and coins in preparation for euro-day. He said that retail starter packs having a value of EUR131 will be available from the banks as from 1 December. He said that in preparation for the euro changeover, businesses with a high cash requirement will be considered for sub frontloading.
In his presentation, Ivo Camilleri gave the delegates a preview of the processes that will see the automatic conversion of ATM's and Electronic Point of Sale Terminals to euro.