Euro adoption - The issuing and encashment of cheques
During the third and fourth quarter of 2007 some banks shall be issuing cheque books without a currency symbol. It is important that one fills in the currency symbol of the Maltese lira prior to e-day and the euro symbol after e-day on January 1.As...
During the third and fourth quarter of 2007 some banks shall be issuing cheque books without a currency symbol. It is important that one fills in the currency symbol of the Maltese lira prior to e-day and the euro symbol after e-day on January 1.
As from January 1, 2008 one would still be able to use his/her Maltese lira cheque book but one would need to cross out the Maltese lira currency symbol and instead insert e. One would also need to sign in full next to the crossed out Maltese lira currency symbol.
Also as from January 2008, the banks shall be issuing euro chequebooks on request.
Cheques issued in Maltese lira after e-day will not be honoured. Cheques dated pre- January 2008 in Maltese lira but presented for payment, within the normal accepted validity periods, after January 1, 2008, will be accepted by the banks and debited to customer's account with the equivalent in euro.
The banks are recommending the holders of such cheques to encash/deposit them prior to January 1, where possible, so as to facilitate the euro changeover process.
When Maltese lira cheques are presented to the banks after January 1, the Lm amount will be converted into euro at the irrevocably fixed conversion rate, and the relative euro equivalent will be debited to the drawer's account and paid to the presenter of the cheque. No banking commission or other exchange related banking charges will apply. As recommended by the European Payments Council, customers are urged to use internet banking and/or direct credit and credit transfer banking facilities which are more efficient.
• Mr Cassar Torreggiani is the executive head responsible for the euro changeover programme at Bank of Valletta.
As from January 1, 2008 one would still be able to use his/her Maltese lira cheque book but one would need to cross out the Maltese lira currency symbol and instead insert e. One would also need to sign in full next to the crossed out Maltese lira currency symbol.
Also as from January 2008, the banks shall be issuing euro chequebooks on request.
Cheques issued in Maltese lira after e-day will not be honoured. Cheques dated pre- January 2008 in Maltese lira but presented for payment, within the normal accepted validity periods, after January 1, 2008, will be accepted by the banks and debited to customer's account with the equivalent in euro.
The banks are recommending the holders of such cheques to encash/deposit them prior to January 1, where possible, so as to facilitate the euro changeover process.
When Maltese lira cheques are presented to the banks after January 1, the Lm amount will be converted into euro at the irrevocably fixed conversion rate, and the relative euro equivalent will be debited to the drawer's account and paid to the presenter of the cheque. No banking commission or other exchange related banking charges will apply. As recommended by the European Payments Council, customers are urged to use internet banking and/or direct credit and credit transfer banking facilities which are more efficient.
• Mr Cassar Torreggiani is the executive head responsible for the euro changeover programme at Bank of Valletta.