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Communiqué of the Banco de Portugal on the setting up of a joint venture with De La Rue Group for the production of euro banknotes

20 April 1999

The Banco de Portugal and the De La Rue group have signed today in Lisbon an agreement for the setting up of a joint venture targetted at the production of euro banknotes.

The company, Valora S.A., in whose capital the Banco de Portugal has a shareholding of 75% and De La Rue of 25%, is going to develop an investment project to the approximate amount of 6 billion escudos and will operate at the premises that the Banco de Portugal has in Carregado.

Valora S.A., which will be fully operational before the end of the year, in addition to the production of euro banknotes to be put into circulation in the national territory by the Banco de Portugal, may also comply with the needs regarding the production of paper money of other European central banks and other clients of De La Rue group.

The period for the setting up of the company and implementation of its full operational capacity guarantees enlarged margins of security with respect to the production and supply of the euro banknotes required for the replacement of the current escudo banknotes. The replacement will take place between 1 January 2002 and 30 June of the same year, at the latest.

The Carregado Complex, which was inaugurated in 1995, houses facilities required for the finishing and production of banknotes of the Banco de Portugal, vaults for the storage of stamped paper and finished banknotes, areas for the storage and handling of the banknotes delivered by banks, and a banknote and metal coin distribution centre to the domestic banking system. This Complex, in addition to being located near major motorways, facilitating the rapid transportation of funds through the country, has a large operational capacity and high security.