Some Portuguese banks won't stock euros

Some Portuguese banks won't stock euros
Tags: Bank / Credit Union
November 27, 2001

Claiming it doesn't want to have any interruption in ATM service, Portugal's Multibanco network of ATMs will convert just half of the country's 9,000 ATMs to dispense euros on Jan. 1, 2002, according to a report in the Financial Times.

The newspaper reported that Multibanco's position put it at odds with the European Commission, which expects countries to shut down their entire ATM networks Dec. 31, 2001 for loading of new currency. The Portuguese banking organization, considered one of the more advanced in the world, according to the Times, said it will convert the remainder of its ATMs on Jan. 4, 2002.