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G4S Cash Services (Finland) Oy

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G4S Cash Services (Finland) Oy
Euro distribution and old currency collecting
managed by the CIT Company
Mr. Mikko Leskinen, 26.3.2009 Warsaw
G4S Cash Services (Finland) Oy
• Part of G4S plc
• Market leader in CIT in Finland
• Nationwide
• 700 specially trained professionals
• 80 armoured vehicles
• All services related to cash transportation, storage and
handling
Cash Centres in Finland
Cash Centre
Central Bank
Rovaniemi
Oulu
Kajaani
Kuopio
Seinäjoki Jyväskylä
Mikkeli
Pori
Turku
Joensuu
Tampere
Lahti
Vantaa
Lappeenranta
G4S – The Expert in CIT and Cash Processing Business
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• Euro change planning started September 2000
1,5 years before deadline
regular meetings with BOF and banks
seminars, marketing, etc.
Euro - new challenges
Euro - new challenges
• The whole country at the same time
• In the process 2 x 2 different levels
– euro bank notes / mark notes
– euro coins / mark coins
•
•
•
•
Requires flexibility on each level
Storage 2- 4 months
Instructions of authorities and effective legislation
Frontloading (when euro had no value as currency)
Euro - new challenges / detail
• More values and notes of different sizes
(Finnish Mark notes all had the same dimensions)
•
Euro has seven different bank notes (five)
•
Euro has eight different coins (six)
• 1 and 2 cent coins are valid currency but not in normal
circulation in Finland
– (in EU, 88 different coins 2002-)
Euro - new challenges
•
•
•
•
•
•
•
•
•
Transportation 24 h
Euro and Mark in their own lines for two months
Euro and Mark in separate safety bags
Big demand for change money
--> packaging of the ordered change
All counting machines to be replaced
--> identification of banknotes
Getting professional and reliable personnel for 2-6
months
Personnel security, safety + welfare
Capasity of premises + security
Capasity of equipment
Euro - new challenges
• Is Euro a competition asset for customers?
• Work load multiplies/becomes slower
• During transportation, CIT company is responsible for
the material and integrity (suitable insurance limits)
•
When storing in Cash Centres or in banks, who owns
the money / pays interest?
G4S - new challenges
G4S – new challenges
• Tightening the security instructions and
more strict control as well as more extensive and
efficient use of security equipment
• Developing the tactical operations.
In threatening situations, specific information and quick reaction
as well as continuous cooperation between different parties
(government, authorities)
• Additional investment during Euro changeover
security and safety
• Personnel check-ups (by authorities + G4S)
G4S – new challenges
• Bigger volumes all the time = personnel resources
• New targets and working methods
– atm casettes (to fit Euro notes)
– atm replenishments (out of standard times)
– additional services for customers (e.g. package etc.)
– growth in regular routes
• IT systems
G4S - new challenges
•
Insurances?
•
Risks during the operation
•
Extra guarding?
•
Cashier operations?
•
Old ATMВґs?
•
Old cash handling machines?
G4S - new challenges/detail
• Cash handling machines
– all coin counters must be replaced
– detector part of banknote counters must be replaced
– when to get the new equipment in use
• (forecast and finance)
– when new machines are delivered
• (testing + training)
G4S - new challenges/ observations
• Which one is counted first: Euro or old currency?
– not enough time for both to be counted within the same day
– balance of Euro / Mark - when will it be changed?
• How long will the old currency be in use
• One and five penny coins? Machines?
• Other older currency?
• Interest/Payment times
• Quality?
G4S - new challenges
for Euro Changeover period
• Vehicles + 25 %
• Personnel + 20 %
from 120 to 150
from 800 to 950
• New insurances
• New security systems
• New cash handling machines
EURO
PROJECT
Euro Project
• From the CIT company’s point of view the following
companies participate in euro distribution:
– Bank of Finland
– Automatia (ATM company)
– Banks
– Retailers
– Private persons are not in direct touch with the CIT company.
They deal with the companies mentioned above.
Euro project
Distribution of Euros and withdrawal of the old currency are
divided operationally into the following parts
•
Pre-collection of the old currency
•
Regular transportations between BOF and CIT Company
•
Frontloading of Euros to banks 1.9. - 30.11.2001
•
Sub-frontloading of Euros to retailers 1.11.01-31.12.2001
EURO launch-off 1.1.2002
•
Loading Euros into ATMs 1.1.2002
•
Cash changeover period 1.1.2002 - 28.2.2002
EURO time 1.3.2002 -
Euro project
Precollection
of marks
Frontloading
(BANKS)
1.9.2001 30.11.2001
Subfrontloading
(RETAILERS)
1.11.2001 1.1.2002
Cash Changeover
period (ALL)
1.1.2002 - 28.2.2002
Euro
Time
1.3.2002 -
Pre-collection of The Old Currency
(July - December 2001)
•
Coins?
- old currency are needed in automates and shops as chance money
•
Who collects? Banks? Retailers?
•
When collection is done?
- in July? Or only in December
•
How to inform the public / consumers?
- campaign
- press / media
- other
HOW WE SUCCEEDED?
Returned Mark banknotes and coins
Some 120 million pcs mark banknotes
= value 1,7 billion €
(estimation of BOF on 1.1.2002)
Some 2,1 million pcs mark coins
= 6.500.000 kg
= value 300 million €
(estimation of BOF on 1.1.2002)
Euro project
Frontloading
(BANKS)
1.9.2001 30.11.2001
Precollection
of marks
Subfrontloading
(RETAILERS)
1.11.2001 1.1.2002
Cash Changeover
period (ALL)
1.1.2002 - 28.2.2002
Euro
Time
1.3.2002 -
Regular transportation between
BOF and CIT Company
Bank of Finland
CASH HANDLING CENTRE
BANK
BRANCH

Euro transportations from 3.9.2001

Mark transportations normally during the
whole year 2001

Cash centers order large quantities of Euros
continuously. Because of limited regular
transportations and handlings capacity, Euros
should be available all the time. Also, opening
times of BOF branches should be flexible.

Especially after Christmas holidays, extra
transportations shall be needed to collect
marks from cash centers because of value
limits and storing limitations.
ATM
RETAILER
Frontloading of Euros to banks 1.9. - 30.11.2001
Bank of Finland

CASH HANDLING CENTRE

BANK
BRANCH
ATM


RETAILER
Bank branches make advance orders in
currency supply systems
 Merita, OP and Sampo 27.8. 16.9.2001
 Saving banks, Local Cooperative
banks, Г…landsbanken and SHB 18. 28.9.2001
Advance order must cover the need of first
two weeks in 2002.
CIT company will not have capasity to
deliver euros to branches in those weeks
The branch makes separate orders for
bank notes and coins.
Frontloading of Euros to banks 1.9. - 30.11.2001
Bank of Finland
CASH HANDLING CENTRE
BRANCH
ATM
RETAILER

Cash Centers must target their
resources in regular transportation,
receiving, packaging

Cash centre picks up orders from
currency system according to their
resources.

Cash centers must observe that the
maximum value limits of transportations
and cash centers will not exceed
Frontloading of Euros to banks 1.9.-30.11.2001
Bank of Finland

Coins will be delivered before end of
November in bags of 15 kg

Bank notes will be delivered in November December in bags containing max 5000 pcs

CIT company transports the orders as a
whole if transportation capacity tolerates it
= one stop per branch only!
CASH HANDLING CENTRE
BRANCH
ATM
RETAILER
Frontloading of Euros to banks 1.9.-30.11.2001

Most of the euro frontloading must be
made in separate transportations because
of capacity reasons

(normal currency supply service is in
operation all the time).

Thus, the branches must be ready to
accept Euros outside the normal opening
times.
CIT carrying capacity
130 CIT vehicles
- carrying capacity
500 - 1.500 kg
3 armored trucks
- carrying capacity
2.450 kg
3 armored trucks
- carrying capacity
14.500 kg
Bulk package units
• Coins from the Mint on wooden pallets
– content of a pallet
– weight of a pallet
– value of a pallet
30.000 - 70.000 pcs
300 - 350 kg
3.500 - 60.000 €
• Banknotes in containers of BOF
– content of a container
– value of a container
30.000 - 60.000 pcs
300.000-15.000.000 €
Frontloading of Euros to banks 1.9.-30.11. (situation in October 2001)
Estimation of need - Bank of Finland
1000
1000
100
100
900
800
80
700
600
60
500
400
40
300
200
20
100
0
1
Coins (million pcs)
0
Banknotes (million pcs)
Frontloading and sub-frontloading
to banks and retailers
• 95 million pcs banknotes
= about 2.100 containers
• 580 million pcs coins
= about 10.500 containers
= about 3.427.000 kg
= some 3.400 extra transportations of 1000 kg
• 120.000 pcs manually packed bags of 15 kg
• 10.000 pcs manually packed bags
Frontloading of Euros to banks 1.9.-30.11. (situation in October 2001)
Realized advance orders to Banks in October
1000
1000
100
900
800
700
600
600
500
400
300
200
100
0
Coins (million pcs)
100
90
80
70
60
50
40
30
20
10
0
15,6
Banknotes (million pcs)
Frontloading of Euros to banks 1.9.-30.11. (situation in November 2001)
Realized advance orders before end of November…
26th of November (monday) came the rest…
100
100
1000
90
1000
80
900
800
700
70
600
60
600
500
50
400
300
300
200
34,08
40
30
15,6
100
20
0
Estimated need/BOF
Advance order/Banks
Orders 26.11.01
10
0
Estimated
need/BOF
Coins (million pcs)
Advance
order/Banks
Orders 26.11.01
Banknotes (million pcs)
Euro project
Precollection
of marks
Frontloading
(BANKS)
1.9.2001 30.11.2001
Subfrontloading
(RETAILERS)
1.11.2001 1.1.2002
Cash Changeover
period (ALL)
1.1.2002 - 28.2.2002
Euro
Time
1.3.2002 -
Sub-frontloading of Euros to retailers 1.11.2001-1.1.2002

Bank of Finland

CASH HANDLING CENTRE


BRANCH
ATM
RETAILER

By signing a sub-frontloading agreement
with a bank, the retailer had a possibility to
receive euros in year 2001.
The agreement presumes that the retailer
has certain insurance and balance
reserves.
Retailer may receive their sub-frontloaded
euros either from bank branch or
transported by CIT company.
Start kit
The retailer who wants their subfrontloaded euros by direct transports had
to negotiate together with a bank and a
CIT company in order to mutually make
sure that insurance, balance reserves and
transport are in order.
Sub-frontloading of Euros to retailers 1.11.2001-1.1.2002
• Deliveries between Christmas and New Year 2001
– sales
– only two business days + Saturday
– tasks of the year end
– mark colleting
•
Different start kits and schedules
Sub-frontloading of Euros to Retailers 1.11.2001-1.1.2002
Estimation of the number of retailers making advance orders on Euros
and needs of Euros (2001+2002/ 2 first weeks)
2500
2500
100
2000
80
1500
60
1000
40
500
20
0
0
Retailers
100
Million euros
Sub-frontloading of Euros to retailers 1.11.2001-1.1.2002
Number of retailers making advance orders (2001 + 2002/ for 2 first
weeks) and euro orders
Situation 26.11.01
2500
2500
100
2000
100
80
1500
1300
60
1000
40
500
20
0
0
Retailers
Million euros
100
Sub-frontloading of Euros to retailers 1.11.2001-1.1.2002
Observations
•
branch orders considerably small - 30-40 % smaller than planned
•
quickened updating of atms will speed up the currency changeover,
increased need of change money (50 % quicker)
•
half of the important retailers have been aware, ordered euros
more than estimated: also other retailers need lots of euros (50 %
less than planned)
•
what will the ”latecomers” do when the capacity will been sold out and
the CIT company cannot help
--> go to the branch
--> the branch has not ordered enough euros --> euros run out
--> CIT company delivers more euros from 3rd week of January
•
Euros can still be ordered to branches!
Situation in January/February 2002
• January 18th, 2002, returned Marks
- banknotes 70 %
84.000.000 pcs
- coins
28 %
588.000 pcs
= 1.820.000 kg = 1.820 transportations
• February 28th, 2002, returned Marks
- banknotes 83 %
99.600.000 pcs
- coins
53 %
1.113.000 pcs
= 3.445.000 kg = 3.445 transportations
Euro project
Cash Changeover
period (ALL)
Precollection
of marks
Frontloading
(BANKS)
1.9.2001 30.11.2001
Subfrontloading
(RETAILERS)
1.11.2001 1.1.2002
1.1.2002 - 28.2.2002
Euro
Time
1.3.2002 -
Loading of Euros into ATMs 1.1.2002 -
Bank of Finland

ATMs dispense banknotes of
20 and 50 euros

15-25 % of the ATMs are loaded
and updated with euros during the
first day. 80 % must be loaded
during the first week of 2002. The
rest 20 % must be loaded during
the next week.

(Updating ATM cash dispensers in
two weeks)
CASH HANDLING CENTRE
BRANCH
ATM
RETAILER
Cash changeover period 1.1.2002 - 28.2.2002

Bank of Finland


CASH HANDLING CENTRE


BRANCH
ATM
RETAILER
Bank branches can order euros from the
third week in January
Branches can return marks by extra
transportations 28.12.2001 - 1.1.2002
Branches must not return marks to BOF
during the first week of 2002, but again
from the second week of 2002.
Transportations will double.
The retailers handle marks as separate
customer cashes, in separate safety
bags and use their own deposit cards
Cash changeover period 1.1.2002 - 28.2.2002

Bank of Finland


CASH HANDLING CENTRE

BRANCH
ATM

RETAILER
In cash centres, there are two separate
processes, one for euro and the other
one for mark settlements
Customer cash may not include both
currencies.
In the beginning, the need for change
money is up to 7 x compared to the
present one.
The capacity can be increased by
driving in the evenings, nights and
working overtime.
Quality commitment of counting and
change deliveries differs from that of
normal.
Cash changeover period 1.1.2002 - 28.2.2002 observations
28.12. - 31.12.01
- sub-frontloading deliveries
(capacity sold 95 %)
- branch returns
- customer cash collections
1.1. - 11.1.02
- ATM replenishments (1st day 40 %, 880 pcs)
(capacity sold 100%)
- deliveries of euro change
- collections of customer cashes,
- retailers return marks
14.1.02 -
- ATM replenishments
- deliveries of euro change
- collections of customer cashes
- euro deliveries to branches
Euro time 1.3.2002 Bank of Finland
Currency supply service during Euro
time 1.3.2002
CASH HANDLING CENTRE


BRANCH
ATM
RETAILER
Operations are the same as those
during Mark time.
Changes in identifying criterion
affect on processes
Banks return marks like during the
changeover period. When the
amounts of returned marks become
small the system will be changed to
handle marks as other currency.
Euro time 1.3.2002 - /observations
• Are there still more old currency to come in?
•
Transportations of the old currency
- to be destroyed
•
Changeover time of the old currency until end of June
- After that public can change Marks to Euros only in the Bank Of Finland
Thank you for your time!
G4S Cash Services (Finland) Oy
Head Quarters, PO Box 2525, FIN-01741 VANTAA
ph 0204 2828, fax 0204 28 2333, e-mail cashinfo@fi.g4s.com
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