WHILE banks are well advanced in their planning for the euro, they still face enormous challenges, according to Mr Harry Lorton, chief executive, TSB Bank. He listed these challenges as staff training, changes to IT systems, accounting and pricing issues, customer education as well as strategic issues including the replacement of lost revenue streams such as foreign exchange income.

In his inaugural address as president of the Institute of Bankers in Ireland, he advised all companies, to consider the ramification for their businesses, to assign responsibility and to allocate an appropriate budget for the conversion to the single currency. Mr Lorton succeeded Mr John Wright, the chief executive of Northern Bank who will soon be leaving to take up a senior banking appointment in Kuwait