HSBC Malta is reminding customers that all accounts denominated in Maltese lira will be automatically converted to euro, free of charge, on 1 January. The same account numbers will be retained. Transactions prior to 31 December will remain in Maltese lira.

The first statement for current and savings accounts issued by HSBC in 2008 will provide details of the conversion of Lm balances to euro. Customers will receive this in the first quarter of 2008, or upon request.

Likewise, as from 1 January credit card statements will display the new credit card limit in euro. The actual euro changeover process does not bring a change in the interest rate. However, debit and credit interest rates will converge to euro interest rates upon adoption of the euro.

All interest rates applicable on existing Maltese lira term deposit accounts or credit facilities with a fixed rate will continue to apply until the end of the agreed period. Foreign currency accounts that do not involve the euro currency will not be affected.