Automatic euro conversion of deposit accounts

All deposit accounts denominated in the lira, irrespective of whether these are fixed, savings or current, will be automatically converted to euro at the fixed convergence rate at no expense to the client, John Cassar Torreggiani, who is responsible for the euro changeover programme at Bank of Valletta, said during a training session for bank employees.

In the case of fixed deposits, the rate of interest will continue to apply for the term of the account. If a customer opens a fixed account for one year at four per cent interest per annum, the rate will apply for the full duration of the term even if the account is automatically converted to euro.

The bank has embarked on a euro changeover communication programme for its staff, the business community and the public. The bank's euro changeover committee is holding a series of information sessions targeting all bank employees.

Further information on the euro changeover is available at www.bov.com.