§ Mr. GibbTo ask the Chancellor of the Exchequer (1) for what reasons euro notes are printed by the Bank of England at Debden in Essex; [58017]
(2) how many euro notes have been printed by the Bank of England at Debden in Essex; at what cost; of what denominations; for what purpose; and who will bear the cost; [58079]
(3) if euro notes printed by the Bank of England at Debden, Essex display the Queen's head.[58287]
§ Ms HewittSince the European Monetary Institute (EMI) was established in 1994, the Bank of England has been closely involved, along with other EU central banks, in the technical preparation of the euro banknotes. As part of this work, the Bank has agreed to participate in a trial of notes to be introduced in 2002 in countries joining the single currency on 1 January 1999 to ensure consistency of paper quality, colour etc., across different types of banknote printing machines. The designs are therefore in accordance with the European Central Bank's announcement on euro note designs of 11 September. The notes being printed are for analytical and comparative purposes and will not be issued in the UK.
The trial will involve the Bank printing some 2 million of each of the 20 and 50 euro notes, and 5 million of the 5 euro note. The total cost of this exercise will be approximately £300,000 and will be paid out of the proceeds of the note issue.