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PRESS KIT Money Euro Banknotes and Coins © European Central Bank,© European 2007

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PRESS KIT Money Euro Banknotes and Coins © European Central Bank,© European 2007 OUR PRESS KIT money Euro banknotes and coins © European Central Bank,© European 2007 Foreword New Year’s Day 2008 will be an historic day for the European Union. On this date, Cyprus and Malta will join Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Slovenia and Spain in the euro area and will adopt the euro as their currency. This press kit has been prepared by the European Central Bank to provide the media – and the Cypriot and Maltese media in particular – with comprehensive information about the euro banknotes and coins. The euro will become part of everyday life in Cyprus and Malta at the beginning of next year, and the European Central Bank, the Central Bank of Cyprus and the Central Bank of Malta have a common interest in ensuring that the public is well informed ahead of the changeover. The media’s access to authoritative information and images makes them a major partner in the process of acquainting the public with the euro banknotes and coins and their security features. This press kit provides you with information on the euro changeover in Cyprus and Malta and on the euro banknotes and coins and their security features. We hope it will serve as a useful point of reference for your reporting. I wish you every success in informing the general public about the euro and its banknotes and coins. The knowledge and information you pass on will make a very significant contribution to increasing awareness of the single currency. This is particularly true for the media covering Cyprus and Malta, where your reporting will pave the way for the citizens of those islands to adopt the euro, our money. Frankfurt am Main, September 2007 Jean-Claude Trichet President of the European Central Bank 3 Table of Contents Foreword 3 Introduction 6 Euro cash changeover in Cyprus and Malta 7 Euro cash changeover in 2002 and subsequent developments 8 What do euro banknotes look like? 9 What do euro coins look like? 11 Production of euro banknotes 12 Euro banknote security features 13 Euro banknote distribution 14 Organisation of banknote production / Stock and circulation management 15 Banknote recycling framework 16 Counterfeits 17 Annex – Institutional framework 19 5 Introduction The European Central Bank (ECB), the citizens in cash-handling situations. These Bank. The European Central Bank will Central Bank of Cyprus and the Central images may be used for publication, but be happy to provide you with Bank of Malta have produced this press only for reporting in connection with the publications on the history, role and kit containing information about the cash public information campaigns related to functions of the European Central Bank, changeover and the euro banknotes. the euro. You will be asked to sign a the Eurosystem and the European This press kit is accompanied by a disclaimer to ensure the appropriate use System of Central Banks, on the CD-ROM, which you will be provided of the enclosed images. Furthermore, the monetary policy of the Eurosystem, and with once you have signed a disclaimer. rules on the reproduction of euro on banking supervision in the euro area This CD-ROM contains a PowerPoint banknotes must be complied with.1 and the European Union. You can also presentation and a flash application request publications produced for the on the security features of the euro Should you need further information, euro cash changeover in Cyprus and banknotes. It also contains high- please do not hesitate to contact the Malta, which contain information on resolution images of euro banknotes, as Central Bank of Cyprus, the Central euro banknotes and coins and their well as images of Cypriot and Maltese Bank of Malta or the European Central security features.2 Additional information can be obtained from: European Central Bank Central Bank of Cyprus Central Bank of Malta Eszter Miltényi George Syrichas Alexander Borg Press Officer Press Spokesperson Manager, External Relations Kaiserstrasse 29 80, Kennedy Avenue Pjazza Kastilja 60311 Frankfurt am Main 1076 Nicosia Valletta, VLT 1060 Germany Cyprus Malta Tel.:+49 69 1344 8034 Tel.:+357 2271 4423 Tel.:+356 2550 3101 Fax: +49 69 1344 7404 Fax: +357 2237 8151 Fax: +356 2550 2500 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Internet: www.euro.ecb.int Internet: www.centralbank.gov.cy Internet: www.centralbankmalta.com 1 To see the rules on reproduction of euro banknotes, visit www.ecb.int/bc/reproduction/html/index.en.html 2 Please visit www.ecb.int/bc/euro/material/html/index.en.html 6 Euro cash changeover in Cyprus and Malta Following the approval by the Council of conversion rate of €1 = CYP 0.585274 and coins until 31 January 2018 and the European Union on 10 July 2007, the until 30 June 2008. This service will be 1 February 2010 respectively. An overview euro will become legal tender in the free of charge for exchanged amounts of of the deadlines for the exchange of Republic of Cyprus and the Republic of at least up to CYP 1,000 per person and Cyprus pound and Maltese lira Malta as of 1 January 2008. On this date all transaction in the case of banknotes and banknotes and coins is provided below. Cyprus pound and Maltese lira balances in CYP 50 per person and transaction in bank accounts will be converted into euro the case of coins. For higher amounts Dual display of prices automatically and free of charge. Cypriot banks and cooperative credit In Cyprus, the dual display of prices Furthermore, as of this date only euro societies will be allowed to charge a fee. became obligatory on 1 September will be used in electronic payments. Maltese banks will exchange Maltese 2007 and will last until 30 September The dual circulation period will last lira banknotes and coins at the 2008, i.e. a total period of 13 months. from 1 to 31 January 2008. During this irrevocably fixed conversion rate of In Malta, businesses were invited to period it will be possible to pay with €1 = MTL 0.429300 until 31 March 2008. display prices in both currencies on a either Cyprus pound (CYP) or euro This service will be free of charge for voluntary basis from January 2007. Once banknotes and coins in Cyprus, and bank customers. Non-customers will be the irrevocably fixed conversion rate was with either Maltese lira (MTL) or euro able to change a maximum amount of established on 10 July 2007, it became banknotes and coins in Malta. As of MTL 250 per person. obligatory for all businesses to display 1 February 2008 only euro banknotes Thereafter,it will be possible,at the prices in both euro and Maltese lira. and coins will be accepted for cash Central Bank of Cyprus,to exchange The dual display of prices will last until payments in Cyprus and Malta. Cyprus pound banknotes and coins until 30 June 2008. Businesses in Malta will Cypriot banks and cooperative credit 31 December 2017 and 31 December then be given three months, i.e. until societies will exchange Cyprus pound 2009 respectively,while in Malta it will 30 September 2008, to make the banknotes and coins for euro banknotes be possible,at the Central Bank of Malta, transition to displaying prices in euro only. and coins at the irrevocably fixed to exchange Maltese lira banknotes Introduction of the euro in Cyprus Introduction of the euro in Malta Key changeover dates Date Key changeover dates Date “Sub-frontloading” of coins to companies 22 October 2007 “Sub-frontloading” to companies 1 December 2007 “Sub-frontloading” of banknotes 19 November 2007 Sale of euro coin starter kits 1 December 2007 to companies to companies Sale of euro coin starter kits to the public 3 December 2007 Sale of euro coin mini kits to the public 10 December 2007 Account conversions and introduction 1 January 2008 Account conversions and introduction 1 January 2008 of the euro banknotes and coins of the euro banknotes and coins Last day on which Cyprus pound 31 January 2008 Last day on which Maltese lira 31 January 2008 banknotes and coins will be legal tender banknotes and coins will be legal tender Exchange of Cyprus pound banknotes until 30 June 2008 Exchange of Maltese lira banknotes until 31 March 2008 and coins at banks and cooperative and coins at credit institutions credit societies Deadline for exchange of Cyprus pound 31 December 2009 Deadline for exchange of Maltese lira 1 February 2010 coins at the Central Bank of Cyprus coins at the Central Bank of Malta Deadline for exchange of Cyprus pound 31 December 2017 Deadline for exchange of Maltese lira 31 January 2018 banknotes at the Central Bank of Cyprus banknotes at the Central Bank of Malta Irrevocable conversion rate Irrevocable conversion rate €1 = CYP 0.585274 €1 = MTL 0.429300 7 Euro cash changeover in 2002 and subsequent developments The euro came into existence with the So did the swift acceptance of euro also become a popular currency irrevocable fixing of exchange rates on banknotes and coins by the then worldwide. It is estimated that, in value 1 January 1999.3 However, it was initially 300 million or so citizens of the euro terms, some 15% of euro banknotes the currency of the financial and foreign area. Since their introduction the in circulation are held by individuals and exchange markets. In the eyes of many number of banknotes in circulation has businesses outside the euro area, which people, the euro only arrived with the grown steadily. At the end of 2006 are using the euro either as a store introduction of euro banknotes and some 11 billion banknotes, worth of value or as a parallel currency.
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