Changeover plan
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National target date for euro adoption
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Estonia targets euro area membership as soon as possible (2011 being the earliest possible envisaged date according to current inflation forecasts).
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1 януари 2008 г.
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National co-ordinating institution
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The National Changeover Committee, chaired by the Secretary General of the Ministry of Finance, was set up on 27 January 2005.
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Joint co-ordination by the Minister of Finance and the Central bank of Cyprus, established on 29 December 2004.
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(Approved) National Changeover Plan
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The first draft of the euro adoption plan was approved by the government on 1 September 2005:
http://www.fin.ee/index.php?id=13324.
The fifth version of Estonia's National Changeover Plan was approved by the government on 31 October 2006:
http://euro.eesti.ee/EU/Prod/Euroveeb/Main_Page/left_menu_content4748/Changeover_to_the_euro_in_Estonia/europlaan_en.jsp
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The National Changeover Plan was approved by the National Advisory Committee on 29 March 2006 and by the Council of Ministers on 13 July 2006. An updated version was approved by the Ministry of Finance, with the consent of the Central Bank of Cyprus, on 21 June 2007. Part of the National Changeover Plan is the Cash Changeover Plan, which was published by the Central Bank of Cyprus as a separate document. Both plans are published on the national euro website (www.euro.cy).
The Cash Changeover plan is also published on the website of the Central Bank of Cyprus (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=4764).
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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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Two weeks.
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1-31 January 2008.
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Exchange of national banknotes and coins
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Banknotes and coins: commercial banks at least 6 months after €-day free of charge, some branches 12 months. Central Bank indefinitely, free of charge.
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'The exchange of national banknotes and coins is governed by the 'umbrella law' ('Adoption of the Euro Law 2007'). The Law provides for the exchange of banknotes and coins by the Central Bank for 10 years and 2 years, respectively. Commercial banks will exchange national banknotes and coins for euro, free of charge, at least for the amount of CYP 1000 for banknotes and CYP 50 for coins per transaction, for a period of 6 months after €-day. There will be no limits or charges for deposits at commercial banks of national banknotes and coins during the 6-months period.
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Campaign for rapid withdrawal of national banknotes and coins
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Campaign for collection of coins before €-day planned; credit institutions are recommended to launch early cash deposit campaigns.
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A campaign to encourage citizens to use hoarded cash or to deposit it with banks before the introduction of the euro has been launched in November 2006 and will be intensified in September 2007.
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Frontloading and sub-frontloading
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Frontloading 2 months before €-day; sub-frontloading by credit institutions to major clients 1 month before €-day (precondition: no distribution to general public before €-day).
Banks will offer to change kroons into euro banknotes at the conversion rate and without a service fee at least one month prior to €-day.
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Frontloading and sub-frontloading of banknotes will start on 19 November 2007, and frontloading and sub-frontloading of coins on 22 October 2007.
The frontloading of coins will be carried out from a Coin Centre.
Starter-kits will be available at banks both to businesses and the general public as from 3 December 2007.
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ATMs issuing euro only
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All ATMs will dispense euro only within 48h as of €-day.
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Commercial banks will dispense only small denomination euro banknotes (10- and 20-euro banknotes) from ATMs as from €-day. During the first hour of 1 January 2008, around 70% of each banks' ATMs, which includes all machines operating at central locations, will dispense only euro banknotes. The remaining ATMs will be converted to dispensing only euro banknotes at the latest by noon on the same day.
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Change in euro only
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In general, change will be given in euro, but the option of giving change in kroon remains for the dual circulation period.
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The retail sector will be sub-frontloaded with euro coins so as to give change in euro only as from €-day.
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Dual display of prices
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Compulsory: 6 months before and after €-day.
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According to the 'Adoption of the Euro 2007 law', the dual display of prices will be mandatory from 1 September 2007 until 30 September 2008.
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Consumer confidence building measures (e.g. agreements with retailers)
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Monitoring of the prices of certain frequently consumed goods and services under the supervision of the Ministry of Economic Affairs and Communications.
Leaflets containing information on the euro were made available to the public in summer 2006.
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The Ministry of Finance is implementing an action plan for enhancing consumer confidence. The measures undertaken include mandatory dual display of prices, the establishment of euro observatories and the introduction of the Fair Pricing Code.
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Adaptation of national law
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Draft Act on the Introduction of the Euro ('umbrella law') and draft amendments to the Business Code are in the final stage of inter-ministerial consultation.
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The 'Adoption of the Euro 2007 law' for the introduction of the euro was adopted by Parliament on 15 March 2007. Amendments to this law were adopted on 21 June 2007.
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Euro banknotes and coins
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Design of the national side
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Design selected and published in December 2004.
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The government of Cyprus approved the designs for the national sides of the euro coins on 22 June 2006. The designs were unveiled on 11 October 2006
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Nr of different coin designs
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One design.
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Three designs.
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Coin supplier
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Coins will be minted by the Finnish Mint which was selected through a tender procedure.
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Estimation on the need for banknotes and coins
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150-200 million coins.
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79 million banknotes (value €1730m), 395 million coins (value € 100.26m).
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Комуникационни дейности
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Communication strategy
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Endorsed by the National Changeover Committee on 21 June 2005 and updated on 18 May 2006.
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A Comprehensive Strategic Communication Plan for the Adoption of the Euro in the Republic of Cyprus was approved by the Council of Ministers on 5 April 2006. In addition, the Central Bank of Cyprus prepared its own euro information campaign plan. Both plans are published on the national euro website (www.euro.cy).
The Central Bank’s euro information campaign plan is also published on the Bank’s website (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=4425).
Realisation of the planned communication activities is handled by a PR/Advertising agency in close co-operation with the Ministry of Finance and the Central Bank of Cyprus, especially for issues relating to consumer confidence building measures and cash changeover matters.
According to the communication campaign plans, the campaign will be intensified immediately after the abrogation of the derogation, and all events will be announced on the national euro website and the Central Bank’s website.
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Addresses of websites on euro changeover, activation date: Government/Ministry of Finance; Central Bank
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www.euro.eesti.ee, launched in January 2006.
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www.euro.cy, activated on 31 May 2006 as part of the communication campaign's official kick-off event. Other government websites provide links to the changeover website. The Central Bank's website (www.centralbank.gov.cy) also provides information and links regarding the changeover.
On 11 June 2007, a free telephone line has been launched.
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Partnership agreement
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Signed 8 November 2005.
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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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1 януари 2009 г.
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Twinning agreement
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Between IE – MT – CY: communication and information strategy (finalised); between GR – CY: technical issues related to the changeover.
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