Ulster Bank ready for changeover

John McGrane is regional manager for business banking at Ulster Bank and has been heavily involved in the bank's euro changeover plans.

He said that Ulster Bank's aim at the start of the process was toensure that all banking services were euro-compliant by January 1st and Mr McGrane said this will now be achieved.

"When our customers come in on January 4th they can order a euro cheque book, for instance, and make payments from their accounts in euros," he said.

"We don't expect huge volumes of business in euros straight away, but we are preparing ourselves for large volumes if they come," he added.

The bank decided to scrap the format of its regular statement and from January 1st will provide customers with a euro-pound statement instead.

"While these kind of statements may not be applicable to people straight away it does get them used to the whole concept of the euro," he added.

He said the updating of Ulster Bank's IT systems was time consuming, but the bank updates its software year-on-year anyway, so this meant euro compliance was not too disruptive.

"It is all done at this stage, the software is ready and we are just waiting to put in the conversion rate," he said.

The bank still has to complete its preparation for 2002 when euro notes and coins are introduced. "That area still needs clarification. We have been told that the dual period, when euro notes and pound notes exist alongside each other, will last for six months, but others estimate that the period will be much shorter," he said.