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In accordance with the temporary provisions, a licence to act as a bank granted to the bank or the branch office of foreign bank under the previously valid regulations, is considered as a banking licence granted under this Act. If this licence contains activities not belonging to the banking activities pursuant to the new Banking Act, the banking licence for performance of these activities is terminated in the extent of these activities as from the effective date of the new Banking Act.
Banks and branch offices of foreign banks are obliged to procure the exchange of funds in foreign currencies of the member states of the European Union for the Euro currency free of consideration. This concerns funds deposited in banks and branch offices of foreign banks as of 31 December 2001 in the foreign currencies which will be abolished and substituted by the Euro currency in 2002.
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