Bank's preparations long, expensive for Europe's new money

FRANKFURT, Germany -- Commerzbank's Robert Janda is the kind of guy who gets a twinkle in his eye just talking about a new cash machine, who chuckles over new computer software and, on his days off, ponders employee life insurance.

Janda, the bank's euro transition manager, has relished the last several months of getting Germany's fourth-largest bank ready for the introduction Tuesday of the European Union's new single currency.

At the stroke of midnight, if all the lines of computer code have been written correctly, if all the employees have been drilled and trained, if enough armored cars have been lined up, the bank's 1,050 cash machines should spring to life and begin dispensing euros.

His assignment has been to literally think of everything. In just days, he'll find out how well he and his team of 50 did their job, which cost 70 million euro, or $62 million.

"There is no fear," said Janda. "Our bank is very well prepared."

It has been detailed, hands-on work. The 50-year-old Janda, with his thinning buzzcut, sports jacket instead of expensive banker's suit, open top button and tie askew, would look more at home on a loading dock than in a board meeting.

"The most important thing is the logistics," said Janda. "To bring the money to our 800 branches, to get notes and coins and starter kits delivered. In the last two months, our 20 biggest retailers got one billion euros. Fifteen thousand retailers picked up money from branches."

"This was a lot of work."

Commerzbank is typical of the big financial institutions dealing with the transition to the euro in 12 European Union nations.

Valued additions

Like most, it started preparations in 1997, adjusting its computers so they could show values in euros -- two years before nations began pegging their currencies to the euro, four years before the arrival of actual notes and coins.

Later on came the little, everyday things, such as more than 1,000 black plastic coin trays for tellers to stack the new coins in, and new envelopes to fit the bigger euro bills.

Then there were things you wouldn't think of right away.

Janda was off one day when it hit him: double the life insurance for branch employees, from 250,000 marks to 500,000, about $330,000. After all, twice the money was in the vaults, so twice the robbery risk. "I thought it was the right thing to do," he said.