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HSBC Malta is reminding customers that all accounts denominated in Maltese lira will be automatically converted to euros free of charge on the 1st of January. Transactions made up to midnight on the 31st of December will remain in Maltese lira.
The first statement for current and savings accounts issued by HSBC in 2008 will provide full details of the conversion of the Lm balances to euros. Customers will receive this statement during the first quarter of 2008, or earlier upon request. Also, as from the 1st of January, credit card statements will display the new credit card limit in euros. The actual euro changeover process does not bring about a change in the interest rate, however, debit and credit interest rates will converge to euro interest rates upon adoption of the euro.
All interest rates applicable on existing Maltese lira term deposit accounts or credit facilities with a fixed rate will continue to apply until the end of the agreed term.
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