Bank of Valletta and the National Euro Changeover Committee yesterday signed a partnership agreement through which the bank is recognised as the Official NECC partner bank.

The agreement includes the bank's undertaking to make available the euro converters, which the NECC will be distributing to all households. It will automatically convert lira amounts into euro.

As from July 11, with the fixing of the conversion rate between the lira and the euro by the Ecofin Council, the banks will be dropping conversion and administrative charges connected with the deposit of euro notes in bank accounts for retailers. This will facilitate the timely implementation of the mandatory dual display period which will kick in on July 10.

This means retailers would be able to deposit euro notes into either their euro denominated accounts or their lira accounts, free of any deposit charges. This is only applicable for retail business customers. Other individuals may still earn a return on their euro notes by investing them in euro-denominated accounts without any additional charge.