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financial director

Interview with Jules Stewart of Financial Director magazine for the February 2002 issue

The high cost of Euro accounts is a major problem for SMEs

Let's look at the Euro and the position of U.K. banks, their reluctance to adapt their systems to the euro, and the likelihood that corporates with euro business will (or should) seek closer ties with eurozone banks." Jules Stewart
"This is a major problem for SMEs. Large companies have strong relationships with international banks and can easily handle payments in a variety of currencies." says Warren Edwardes, ceo of banking innovation consultancy Delphi Risk Management. "The high cost of foreign currency current accounts for SMEs is a reflection of the lack of competition in this market. But I doubt that European banks will rush in to fill the gap. There may be a single currency in Europe but there is no seamless payments system." Edwardes is a personal account holder at Citibank.  He is surprised that the bank does not expand its service which offers current accounts in Euros and US Dollars to small businesses. 

Warren Edwardes

29 January 2002

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