Banks and financial sector
EUROINFORMATION - Euroinformation - Banks and financial sector
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BANKS AND FINANCIAL SECTOR |
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- The domestic payment system will be amended for the use of Euro. The amendments will be executed by NBS in cooperation with banks and other institutions that will be connected onto the payment systems.
- All accounts of bank clients, as well as loan products, letters of credit, securities or cheques will be recalculated to Euro. Recalculations will be carried out exactly according to the conversion rate and rounding rules, and the clients will be informed in advance.
- In order to provide for smooth execution of all online payments, changes will be applied to debit cards and e-banking.
- In line with the continuity of contracts principle, interest rates and other conditions will be preserved.
- As of January 1, 2009, cash machines will dispense only Euro banknotes.
- With regard to securities, it will be necessary to recalculate to Euro both their nominal and market values.
- With regard to securities of lower values, more precise rounding principles will be determined than the rule of rounding to the nearest Euro-cent.
- Market rates, indexes or investment fund yield indicators will be recalculated to Euro in such manner that will preserve reporting continuity.
