RSS |
02 January 2002 Although the euro, introduced yesterday across much of Europe, does not directly impact on Switzerland, its arrival is still a major event for the country, and nowhere more so than in Basle, a city which borders both Germany and France. Like other Swiss border communities, Basle has close economic, business and cultural ties with neighbouring communities. |
Ulrich Halbeisen, director of UBS Basel-City, the city's largest bank, told swissinfo of the main implications of the new currencies. “In this region about 15 per cent of our workers are German and French so the salary that is paid to them will be transferred back to euros,” explained Halbeisen. “Furthermore, Swiss people here in Basel are going across to France and Germany to buy everyday shopping items.”
“What we’ve done in the past few months is transfer accounts that were held in the old currencies into euro accounts, and this was all done by the end of September,” said Halbeisen. “There are still a few accounts remaining until the end of December in the old currencies but then they will also be transferred into the euro – so the main work has already been done.”
Halberstein points out that opening a euro account has also become an increasingly attractive option for Swiss citizens, for a multitude of personal and business purposes.
Of course, Basel-City also has a substantial private client business, and head Walter Hausler told swissinfo that the UBS website has plenty of information for customers. He also stressed that staff have been given an immense amount of information on the new notes and coins. But he also noted that there had been concerns about forgeries of the legacy currencies slipping into the system ahead of the euro’s launch. “We gave strict orders to staff to check the in-currencies for forgeries,” explained Hausler. “So with ultra violet lights and also our staff’s experience we have been able to see if notes are forgeries or not.”
Although the Swiss franc remaining Switzerland’s legal tender, bankers expect that about half of the business done in Basel and other border communities will now be conducted in euros, and widespread 'euro-isation' of the Swiss economy seems inevitable. ATM machines across the country will be changing over to hand out the new currency: “The change of the cash machines will start in the border region with machines ready for the 3rd of January,” explained Halbeisen. “By the 15th of January everywhere in Switzerland will have machines dea
GOWEALTHY.COM © 2010
For comments: editor@gowealthy.com
For further information, write to enquiry@gowealthy.com
