La Poste's cheque books only in euros from now on
La Poste is the only public financial service to have resisted privatisation at the end of last century. With its 310,000 postal workers, it is France’s largest employer, representing 1.4 per cent of the active population. Managing FFr3bn in social handouts and FFr21bn in current accounts, it is the largest institution managing French savings. Ahead of the introduction of the euro, the institution is in the front line and recognises the enormous pressure it is under internally to change over smoothly. Martin Vial, the group’s chairman, estimates the cost of the operation at over FFr1bn.
According to Patrick Werner, head of financial services, the ideal situation for La Poste would be that 1 January 2001 is a non-event as the public has prepared itself beforehand. It has opted to send out its cheque books only in euros as of 1 July, unlike traditional commercial banks which have given customers the choice between the franc and euro up until 1 November 2001.
Abstracted from Le Figaro Abstracted from Le Figaro in French. Copyright 2001 Financial Times Information, Dow Jones, Dialog.
Source: World Reporter (Trade Mark)>
LE FIGARO, 30th July 2001
