The changeover to the euro is being exploited in favour of children in Church homes through the Euro Children Trust 2008, the National Euro Changeover Committee announced yesterday. Bank of Valletta, Middlesea Valletta and the representation of the European Commission in Malta are also involved in this scheme.

Joseph F. X. Zahra, NECC chairman, said 20,000 money boxes are to be distributed to children who wish to help the children in Church homes. Money boxes can be withdrawn from the Euro Centres around the country.

Children will be encouraged to collect Maltese coins that are still in circulation, and the money boxes returned to Bank of Valletta branches between 1-15 February.

Middlesea Valletta general manager, David Curmi, said the money would be deposited in one account and divided equally between the 200 children in Church homes on 31 December. A savings account would be created, with the Bank of Valletta considered as its trustee. When a child turns 25, Middlesea Valletta would pay out that policy through the BOV. No cost would be passed on to the children or the Church home. All costs would be borne by Middlesea Valletta. Other initiatives could be used to boost the fund.

Charles Borg, BOV Chief Officer, Financial Markets and Investments said this was a new kind of trust in which BOV was participating. The bank hoped that other Charitable Purpose Trusts would be introduced in future. Apart from legal, technical and administrative services which the bank would provide, its branches would be the collection points, all in line with its corporate social responsibility, Mr Borg said.

The money boxes being provided will be financed by the EU representation.