§ Mr. GillTo ask the Chancellor of the Exchequer if provision will be made for the continued circulation of Scottish banknotes on the accession of the United Kingdom to the single currency. [29763]
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§ Mrs. LiddellArticle 105a(1) of the Treaty gives the ECB
the exclusive right to authorise the issue of banknoteswithin participating member states. However, Article 16 of the ESCB Statute requires the ECB to respect as far as possible existing practices regarding the issue and design of banknotes. If the UK were to join EMU, Scottish banks would need authorisation from the ECB to continue circulating Scottish banknotes.
§ Mr. GillTo ask the Chancellor of the Exchequer (1) if he will make a statement on the policy of repatriation of(a) Euro coins and (b) Euro notes to the nation of origin upon United Kingdom accession to the Single Currency; what volume of currency he estimates would be repatriated in each year; and at what cost; [29771]
(2) what assessment he has made of the technical difficulties involved in repatriating bank notes and coinage not printed or minted in the United Kingdom on accession to the Single Currency. [29770]
§ Mrs. LiddellAll euro banknotes and coins will be legal tender in all participating member states. There will be no necessary repatriation to the country of origin, but there may be bulk redistribution of euro banknotes and coins (irrespective of their origin) around the euro area to where they are needed.