The National Changeover Committee deems preparations satisfactory

On the May 25 The National Changeover Committee convened at the Ministry of Finance.
27. 05. 2010

Tea Varrak, the chairman of the Committee, stated that the convergence reports published by the European Commission and the European Central Bank on 12 May and the Commission's recommendation of Estonia joining the euro area have dramatically increased the public interest in the technical preparations for the changeover. “Government agencies and companies, especially banks, are speeding up their preparations, as they need to ensure sufficient time for readjustment and thorough testing of their information systems before 1 January 2011,” Varrak said.

For the wider public the first sign of the introduction of the euro in Estonia is the obligatory publication of prices in both kroons and euros starting from 1 July. A relevant regulation of the Minister of Economic Affairs and Communications and guidance materials are being prepared which will be presented at the press conference to be held on 4 June at 2 p.m. in Hall A of the Ministry of Economic Affairs and Communications at Harju 11.

The Expert Committee’s working group comprised of the representatives of the Bank of Estonia and credit institutions has confirmed that the range of euro banknotes that can be obtained from ATMs during the dual circulation period (two weeks from 1 January 2011) will be reviewed. Specifically, the question of how ATMs can also issue 5-euro banknotes will be analysed. Commercial banks have also stated that they are dealing with the issue of including 5-euro banknotes in ATMs.