Euro information

Melvyn Mangion from the National Euro Changeover Committee answers your questions on the euro:

Are organisations obliged to receive training?

Organisations are not obliged to receive training, but those organisations that joined the FAIR Initiative took a commitment to allow their staff to undergo training.

Do I have to convert all my company's historical financial data into euro?

There is no need to convert historical data from Lm to euro, if they are not used in any calculations post €-day, although you are free to do so if you wish.

Do I need to adapt my cash register for the euro changeover?

If your cash register does not currently show the currency on receipts, then there is no need for any modifications. If, however, your cash register shows the Maltese lira on receipts, then this will need to be adapted to show the euro on adopting this currency (irrespective of whether dual display is implemented on the receipts).

Are cheques denominated in Lm valid after €-day?

If they have been written and dated before December 31, 2007, yes. They are valid for a six-month period, the normal validity period. Banks will not honour Lm-denominated cheques written after €-day.

Do I have to throw away my Lm denominated cheques after €-day?

Cheque forms bearing the Lm and remaining in your possession after December 31, 2007, could still be used to write out cheques in euro provided:

a. The printed Lm is struck off;
b. The euro currency symbol is written instead;
c. The amount in words must also denote the euro as the currency in which the cheque is written; and
d. You must sign your full signature against these alterations (not initialled).

Failure to comply with these requirements would be sufficient reason for banks to dishonour the relative cheques.