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PRE-PROVIDING WITH EUROCASH |
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  | Creation of Euro cash supply |
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Subjects of the primary creation of Euro cash supply (in further text as "banks") are all banks that perform cash activities. On the basis of a contract with NBS, these banks will be build up cash supply of valid Euro banknotes and new Slovak Euro coins that will become valid on January 1, 2009. Primary creation of Euro cash supply in banks will be carried out in 4Q 2008.
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| Secondary creation of Euro cash supply |
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Business subjects (in further text as "clients") that have a legitimate need to have a supply of Euro cash prior to January 1, 2009 (retailers, manufacturers and operators of facilities for receiving and dispensing cash, companies providing cash transport services, etc.) are able to create such supply via their bank.
Secondary creation of Euro cash supply will be carried out on the basis of an agreement between the bank and its client. The client must pledge to meet at least the following requirements determined by the European Central Bank (ECB) in the ECB/2006/9 guideline:
- Supporting the full nominal value of secondary preliminary Euro supply of banknotes, coins and contractual fines with an appropriate collateral.
- The risk and responsibility associated with the secondary creation of Euro cash supply is fully borne by the client.
- By means of its bank, the client will report to NBS its entire secondary preliminary supply of Euro banknotes and coins.
- The client will store secondary preliminary supply of Euro banknotes and coins separately from other Euro banknotes and coins and other currencies, and will not use them prior to 00:00 hr. on the day of the changeover to Euro cash currency. The client will provide its bank information regarding the storage premises.
- The client authorises NBS to perform an audit and inspect its premises with the goal of verifying the physical presence of the secondary preliminary supply of Euro banknotes and coins.
- The client will immediately report to NBS on the exact amount (broken down according to nominal value) of the preliminary supply of banknotes that have entered into circulation prior to the day of changeover to cash Euro, if such situation occurred.
- The client will pledge to pay any fines to NBS in case of breaking relevant regulations in accordance with the contract.
Deadlines for secondary creation of Euro cash supply for clients of Komerční banka Bratislava, a. s. |
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Contacting clients that meet the criteria for becoming a subject of secondary preliminary supply of Euro. The initialising letter will also include a questionnaire that will help define the volume and structure of Euro banknotes and coins, which the client will request for the purpose of creating the secondary preliminary supply. This will provide details on the individual nominal values. This questionnaire will become a binding order and will be attached to the future agreement on preliminary supply with the client
How to determine correct price?
- Monitor the cash volumes of SKK with which you usually operate.
- Find out information on the conditions of the dual circulation, when it will be necessary to provide your customers Euro cash even in case they will use Slovak koruna.
Completing the client’s requests (filled-in questionnaires).
Signing agreements between the bank and its clients.
Building-up Euro cash supply.
For further assistance, please contact your bank advisor, or e-mail us at koba@koba.sk. This address can be used also for any other inquiries related to the Euro changeover. We will be glad to answer your questions.
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| Citizens |
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The citizens will have several opportunities to obtain Euro banknotes and coins. Within the set limits, they will be able to exchange Slovak currency (SKK) for Euro in banks free of charge, or withdraw cash from their accounts. Once the dual circulation ends, old Slovak banknotes will be exchanged free of charge for Euro in banks, as well as in NBS.
