Written question asked by Lord Laird (Ulster Unionist Party), in the House of Lords. It was answered by Lord Sassoon (Conservative) on Tuesday, 28 June 2011.

Money: Northern Bank Notes

Question: To ask Her Majesty’s Government what was the face value of Northern Bank banknotes which were not returned in the 2005 recall of bank notes, aside from the amount stolen in the December 2004 robbery.

Answer: Part 6 of the Banking Act 2009 updated, strengthened and modernised the regulatory regime governing commercial banknote issuance in the UK and passed the responsibility for regulation to the Bank of England. The primary aim was to ensure that holders of commercially issued banknotes received a level of protection similar to that provided to holders of Bank of England banknotes. Since the new legislation came into effect on 23 November 2009, authorised banks have been required to back their note issue in full and at all times. This would include any notes not returned as part of Northern Bank's 2005 note recall. Reporting under the regime does not, however, require declaration of notes by series.

Secondary information

Type: Written question
Reference: 10067; 728 c411-2WA
Session: 2010-12
Related items: Banking: Northern Rock
Wednesday, 13 July 2011
Written questions
House of Lords
Subjects: Bank notes Northern Bank
Link: View this Written question on www.publications.parliament.uk