1. When I go out on New Year's Eve, how should I be prepared to pay for my meal and drinks? Should I pay in Lm, euro or use a credit card?

We recommend using your card wherever possible, as this lowers the cash-handling burden on the retailer, but, as of midnight on New Year's Eve, you are also free to pay for goods and services in Lm or euro. Before midnight, it is not mandatory for establishments to accept euros.

2. How and when can I get a euro coin mini-kit, and can I only get one?

You will be able to get your euro coin mini-kit from any branch of the commercial banks from December 10 to the end of this year. You can definitely purchase more than one euro coin mini-kit. Currently, the limit is set to five per person. You will be able to pay for your kits either in cash (Lm5 per mini-kit (€11.65 in euro coins), deduct the cost directly from your account or even write a cheque.

3. Will I stand at a disadvantage if I don't purchase a euro coin mini-kit?

No, not really. During January, you'll be able to pay for purchases in either Maltese lira or euro notes and coins, although it will be easier to count the change if the tender is in euro.

4. I work in a shop and am worried I will have to re-price my entire stock of items, as I have dual-display prices (using a price gun) with the Lm price above, and the euro price below. Will I need to reverse the labels so the euro value is on top and the Lm price at the bottom?

No, this will not be necessary due to the positioning of the Lm and euro price.

What does matter, is that the national currency is distinguishable from the counter value and has (at least) equal prominence (e.g. similar sized font).

Banking arrangements

Current, savings, fixed, loan and all other accounts with credit institutions, including credit card accounts, denominated in lira will automatically be converted free of charge at the irrevocably fixed exchange rate to euro.

Cheque payments

Cheques denominated in lira may be issued only until December. Cheques dated from January 1, may only be denominated in euro.

Cheque books denominated in lira may still be used after €day as long as the Lm symbol is crossed out, the euro symbol written instead and the customer signs his/her initials.

Electronic payments

Electronic payments in lira will be accepted until December. Electronic payments, such as standing order payments with value dates, as from €day onwards, will automatically be processed as euro payments at the irrevocably fixed exchange rate.

Investments

On €day bonds, stocks and shares denominated in lira will be automatically converted into euro at the irrevocable fixed conversion rate and without charges.

Melvyn Mangion is manager, public and media relations, of the National Euro Changeover Committee.