OREANDA-NEWS. January 13, 2011. The last significant milestone of the euro changeover – the first pensions paid out in Euros – went according to plan at SEB. About 120,000 Social Insurance Board payments were made this morning in a timely manner.

“On Monday, customers gained the assurance that all international settlements and exchange transactions would go according to plan in euros as well. Likewise, the first pension payments in the new currency were also executed as planned. The biggest part of the euro project for the bank is thus complete. There will probably be longer than usual queues in branches until the end of the parallel circulation period, so we ask for understanding from customers,” said Riho Unt, chairman of SEB’s management board.

SEB reminds customers that there is no rush to exchange kroons to euros. Kroons can be used in shops until 14 January. Kroons can be exchanged for euros in all bank branches that offer cash services – without service charges and for the official rate of one euro per 15.6466 kroons. The currency exchange will take place on the same conditions in all bank branches that provide cash services until 30 June 2011 and – in some branches – until the end of 2011; the Bank of Estonia will exchange kroons for euros without a term and free of charge. In addition, kroons can be exchanged for euros n 178 post offices across Estonia.