Changeover plan
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National target date for euro adoption
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The Convergence Programme of 1 December 2006 aims at meeting the Maastricht criteria in 2009. A new target date for the adoption of the euro has not been specified.
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1 януари 2008 г.
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National co-ordinating institution
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Preparatory work is ongoing in the Ministry of Finance and Magyar Nemzeti Bank (Central Bank of Hungary).
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Two Committees appointed on 13 June 2005: a Steering Committee and a National Euro Changeover Committee (NECC) reporting to it.
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(Approved) National Changeover Plan
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In 2006, the Central Bank prepared a proposal for a national changeover plan focusing on its tasks. A summary of this proposal was published in October 2006.
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The Second Updated Master Plan for the Euro Changeover in Malta was adopted by the government on 12 June 2006:
http://mfin.gov.mt/page.aspx?site=NECC&page=downloads.
The Third Updated Master Plan for the Euro Changeover in Malta was published by the NECC in February 2007:
http://mfin.gov.mt/page.aspx?site=NECC&page=downloads.
The 'Final Masterplan' was published by the NECC on 11 July 2007:
http://mfin.gov.mt/page.aspx?site=NECC&page=downloads.
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Changeover details
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Type of scenario
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"Big bang".
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"Big bang".
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Dual circulation period
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One month.
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January 2008.
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Exchange of national banknotes and coins
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Credit institutions and post offices: at least during the dual circulation period.
Magyar Nemzeti Bank: in the case of banknotes for 20 years and in the case of coins for 5 years after the end of the dual circulation period.
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As from 2 January 2008, credit institutions will exchange Maltese lira notes and coins into euro notes and coins, free of charge for their clients and up to a 'household amount' of MTL 250 for non-bank clients. In the case of bank clients, exchange amounts of more than 250 MTL may be subject to a ‘2 day’ notice period. For both notes and coins, free exchange is planned to be provided until the end of March 2008.
The Central Bank of Malta will continue to exchange Maltese lira coins and notes for two years and ten years, respectively, after the Maltese lira ceases to be legal tender (31 January 2008). All cash exchanges will be subject to anti-money-laundering regulations.
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Campaign for rapid withdrawal of national banknotes and coins
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A de-hoarding campaign is planned by the NECC and the Central Bank of Malta. The campaign will target the general public and specific target groups and unfold as of mid-2007 (after the decision lifting Malta's derogation). The Currency and Bank Deposits Registration Scheme (Amendment) Regulations (Legal Notice 126 of 2007) provided an opportunity for the general public and businesses to register undeclared income until the end of July 2007 (http://www.doi.gov.mt/EN/legalnotices/2007/04/LN%20126.pdf).
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Frontloading and sub-frontloading
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Frontloading to credit institutions is planned to start from late September/early October 2007 and sub-frontloading by credit institutions to businesses and other cash handlers is planned to start from 1 December 2007.
As from 1 December 2007, credit institutions will exchange Maltese lira into euro, and vice versa, at the irrevocably fixed conversion rate without exchange charges.
Coin starter-kits for businesses (worth € 131) will be available at commercial banks from 1 December 2007, while mini-kits for the public (worth € 11.65) will be available from the banks and authorised channels from 10 December 2007. In addition, from 1 December 2007 commercial banks will offer low denomination euro notes to the business community (with exchange charges waived), subject to availability.
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ATMs issuing euro only
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Around 60% of all ATMs (at least one ATM in all major localities) will dispense euro banknotes as from 1 January 2008 at 00:00h, while the remaining ATMs will be converted in the course of the same day – 85 to 90% by noon and the remaining by 16:00h on 1 January 2008. This agreement was reached following a study on historic data concerning typical withdrawal cycles on 31 December 2005 and 2006, to ensure that enough ATMs will remain meeting demand requirements for Maltese lira notes on 31 December 2007.
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Change in euro only
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As from 1 January 2008, all change will be given in euro.
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Dual display of prices
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Mandatory dual display of prices from the irrevocable fixing of the conversion rate until 30 June 2008. Voluntary dual display has been promoted by the NECC since 1 January 2007. Government departments and agencies have been fully dual display compliant since April 2007.
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Consumer confidence building measures (e.g. agreements with retailers)
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In order to address consumers' fears of price increases in the changeover period, the government and the NECC launched initiatives that intend to empower the consumer and to prevent the retailer from increasing prices:
The FAIR (Fair-pricing Agreements in Retailing) initiative became effective in January 2007. The initiative invites businesses to voluntarily subscribe to FAIR and thus to commit themselves to apply correct dual display of prices and not to increase prices due to the euro changeover. Legislation and enforcement measures, including the possibility to impose administrative fines, are in place to ensure that businesses honour their commitments. The FAIR initiative receives positive feedback from the business community, with well over 5 000 businesses having subscribed to it so far.
The Euro Observatory, which was established in the last quarter of 2006, is in charge of co-ordinating the FAIR initiative and of monitoring pricing trends during the changeover period. Moreover, 70 Euro Assistants are responsible for providing support and training to the retail sector, with a view to ensuring that the rules on dual display of prices are correctly applied and that the commitments undertaken by businesses under the FAIR initiative are honoured.
A 'Price Watch' Initiative is being conducted. A twinning agreement is well underway with the former Austrian Price Commission, where one of the main deliverables of the agreement was the planning and starting up of this initiative.
A series of anonymous 'mystery shopping' exercises are being conducted. The results of the shopping exercises are being analysed with a view to publishing sector specific pricing trends, as well as specific cases of high price increases over the changeover period.
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Adaptation of national law
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The Euro Adoption Act 2006 entered into force on 29 September 2006. Legal Notice 4 of 2007, issued in January 2007, mainly regulates details of the mandatory dual display of prices.
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Euro banknotes and coins
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Design of the national side
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The three designs for the national sides of the Maltese euro coins were selected following a public consultation; the final designs were published by the Central Bank on 13 October 2006.
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Nr of different coin designs
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Three designs.
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Coin supplier
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National Mint.
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As Malta does not have a national mint, the Maltese euro coins will be produced by the Monnaie de Paris, the mint chosen following a public call for tenders
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Estimation on the need for banknotes and coins
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0,5 billion banknotes and 1 billion coins.
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Estimated 80 million euro notes.
Estimated 200 million euro coins.
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Комуникационни дейности
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Communication strategy
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'Multi-annual communication strategy in preparation for the adoption of the euro (2006-2008)' adopted by the Steering Committee for the adoption of the euro on 19 April 2006.
The NECC has prepared a detailed action plan for 2006 and 2007 including a significant information campaign reaching specific target groups, such as consumers, the business community, children, the elderly and vulnerable groups. It has recruited a team of information officers to assist the general public and has also launched a national helpline to assist the different target groups.
The NECC launched its information campaign in June 2006. The NECC unveiled the slogan 'the euro – in our common interest' and launched a three-digit helpline which has proven popular among the general public. The campaign includes public relations initiatives, articles on national newspapers and magazines and an advertising campaign. The team of information officers is also constantly participating in television and radio programmes as well as giving public talks to NGOs, local councils and other important multipliers. A specific campaign targeting businesses in planned in autumn.
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Addresses of websites on euro changeover, activation date:
Ministry of Finance/Government; Central Bank
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www.euro.mnb.hu (activated in December 2006)
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NECC: http://www.euro.gov.mt
Central Bank of Malta: http://www.centralbankmalta.com/site/euroadoption.html
Ministry of Finance: http://mfin.gov.mt
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Partnership agreement
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Signed on 5 May 2006.
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Other issues
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ERM II entry
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1 януари 2009 г.
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Twinning agreement
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Between AT and HU: communication and information strategy (finalised)
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Between IE – MT – CY: communication and information strategy (finalised).
Between AT-MT: establishing procedures around price monitoring and analysis, as well as measures for building up price awareness and consumer confidence in the changeover period.
Between FR-MT: The main objective of this twinning is to build the NECC’s capacity, enabling it to educate and provide public and consumer information. This includes:
Study visits to learn about the challenges posed by changeover in euro zone countries;
Training in communication with vulnerable/disadvantaged groups;
Training in Six Sigma Methodology;
Training to euro assistants on how to inform and educate retailers;
Cooperation with representatives of sectoral committees and task forces;
Support to the business awareness campaign;
Training on broadcasting.
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