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Embracing the Euro
The European Central Bank (ECB) has described the switchover from the pound to the Euro in Cyprus as 'smooth and successful'.
Much of the credit for this is attributable to the sharing of best practice and the co-operation between G4S and the financial sector.
During the preparations, G4S representatives from Finland, Ireland, the Netherlands, the UK, Greece and Group shared their experience.
As the only security company providing cash services on the island, G4S staff in Cyprus were responsible for counting, packing and delivering all euros to the banks - which account for 90% of its CIT business - as well as the withdrawal of Cypriot pounds, during the phase-in period.
"It was decided to construct and operate a purpose-built, state-of-the-art, category A cash-holding facility," John Arghyrou, managing director of G4S Security Services (Cyprus) explains.
With the encouragment of the banking sector and backing of the executive mangement of G4S plc, G4S Cyprus had less than 10 months to locate and purchase a commercial plot, gain planning approvals, order security equipment and construct a 2,000 sq meter underground holding facility that would meet strict security requirements.
On the 23rd October 2007 Sofoklis Sofokleous, Minister of Justice and Public Order, performed the cash centre's inauguration.
G4S Cyprus then turned its attention to the massive job in hand. Under the watchful eye of the armed anti terrorist police, on duty round the clock, it began preparing the first shipments of euros to the three-quarters of a million inhabitants of the Mediterranean's third largest island, as the pound became history.
