The management of Nova kreditna banka Maribor (NKBM), Slovenia's second largest bank, presented on Wednesday the final preparations for the euro changeover. According to its chairman Matjaz Kovacic, the bank has fully adjusted its software, while recent simulations have confirmed the system is well-prepared for the changeover.
Between 31 December and 2 January, 200 NKBM employees will be making sure the changeover to the new currency runs smoothly and effectively. Despite the bank holidays, eleven of NKBM offices will be open between 10 AM and 2 PM on 1 and 2 January.
Already in October the bank launched an information campaign in which it urged its clients to bring tolar banknotes to the bank as soon as possible.
According to the executive director Vlasta Brecko, sufficient supplies of euro cash have been ensured. The bank has been offering currency exchange free of charge since 1 December, while euro cash will be available in automated teller machines as of 2007.
Kovacic said intensive preparations for the euro presented not only a hefty financial burden of between SIT 550m (EUR 2.3m) and SIT 600m (EUR 2.5m), but also a technically and logistically demanding project of the highest priority.
"So far, Slovenia has been the only country to make the big bang adoption of the euro without any experience to help in the matter", said Kovacic.
According to Kovacic, the biggest logistic challenge is the exchange of cash, as tolars have to be taken out of the circulation and changed into euros in a very short period. Moreover, the most extensive part of the project is the adjustment of the information technology.
The management of the bank declined to reveal the exact quantity of euros the bank ordered for about 300,000 of its retail clients. However, the bank will have to convert account balances and banknotes worth about SIT 2.3bn (EUR 9.6m).
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