Euros from ATMs as of December 31

About 70 per cent of bank cash machines - at least one ATM in all of the major localities - will be dispensing euro banknotes at the stroke of midnight of December 31, the National Euro Changeover Committee said.

The NECC is aiming that by 4 p.m. on January 1, all ATMs will be dispensing euro notes, spokesman Melvyn Mangion said.

Only low-denomination euro banknotes, mainly €10 and €20, will be dispensed by ATMs during the dual circulation period in January to ensure that high-denomination banknotes are not presented for change during this period, as this could place unnecessary demands on cash resources.

The two denominations roughly correspond to the current Lm5 and Lm10 banknotes, which are the two most widely used denominations.

After the dual circulation period ends, the banks will be free to decide which denominations to dispense from their ATM network.

Deposits of cash and cheques in lira through ATMs will still be possible until the end of March 2008. Cheques drawn in lira prior to January 1, 2008 can also be deposited within the normally accepted cheque validity periods, at the latest, by the end of June 2008.