Financial Stability

€ Euro - Portugal rolls presses again

PORTUGAL - The euro has brought banknote printing back to Portugal for the first time in almost a century. Since the early 1900s, the work had been outsourced, largely to the UK, for reasons of economy of scale. But the Bank of Portugal decided that it…

€ Euro - Fears over Thai impostor

NETHERLANDS - The Dutch vending machine industry has raised the alarm about similarities between the new Euros 2 coin and 10 Thai baht, which has been discovered to fit in most machines being prepared for the arrival of the single currency.

Real-time payment system operational in Russia

RUSSIA - Natalia Kochetkova, director of the payment systems and clearance department of the Central Bank announced that the bank had put into operation a system for the processing of payments in real time in Moscow and the Moscow Region.

Security hole in cash machines

UK - A serious weakness has been discovered in the methods used by banks to protect the personal identification number (Pin) that lets you get money from a cash machine.

RBI to get real time gross settlement system, RTGS

INDIA - Logica India, the Indian subsidiary of UK-based computer services group Logica Plc, on Tuesday said it had been awarded a $16 million contract from the Reserve Bank of India (RBI) to implement a national real time gross settlement system (RTGS).

Litas banknotes well protected - experts

LITHUANIA - The Lithuanian national currency banknotes have more security features than the new E.U. currency, the euro, the central Bank of Lithuania said following visit by experts from the National Bank of Belgium.

European Parliament Press Release

PRESS RELEASE - Committee on Economic and Monetary Affairs. Euro change-over: MEPs demand bigger effort from banks and retailers, 7 November.

Bank of France aims to maintain note printing

FRANCE - The Bank of France has "the firm intention of remaining an important player on the European money printing market", according to Michel Perdrix, managing director of the note printing unit at the French central bank.

Bulgarian mint to be split from central bank

BULGARIA - The mint of the Bulgarian National Bank (BNB), which prints Bulgarian levs, will be split from the BNB and transformed into a state-owned joint stock company as of 2002.

Error rate high with euro notes trial in France

FRANCE - Two months before euro notes and coins come into circulation, the financial community is concerned that cashiers in shops and banks will not be ready to use euros and detect fake notes from 1 January.

Testimony of Dolores Smith at the US House of Reps

TESTIMONY - Testimony of Dolores S. Smith, Director, Division of Consumer and Community Affairs before the Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, U.S. House of Representatives, 1 November.

The future of online banking

ARTICLE - A letter published in the Financial Times London edition, 31 October, comments on a previous feature the paper reported on the outlook for online banking.

Fed's Smith - Rates dominate credit card pricing

US - The Federal Reserve's director of consumer affairs told a house panel Thursday that interest rates have come to dominate pricing practices for credit cards in recent years, although there is little systematic information about other aspects of card…

Austrian mint ready to recycle notes and coins

AUSTRIA - Austrian federal mint Muenze Oesterreich, a subsidiary of central bank Oesterreichische Nationalbank (ONB), is preparing to begin melting down schilling coins following the introduction of the euro on 1 January.

Brazil c bank to produce notes of BRR2, BRR20

BRAZIL - The central bank will launch notes in denominations of two reals and 20 reals ($1=BRR2.761) in December and next year to help save costs, O Estado de S. Paulo reported.

HKMA Press release on retail payment services

PRESS RELEASE - The Hong Kong Monetary Authority (HKMA) has completed a comprehensive review of retail payment services in Hong Kong ("the Review"), which was conducted by an internal task force of the HKMA set up in August 2000.

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