§ Mr. McNamaraTo ask the Chancellor of the Exchequer what(a) financial advantages he derives and (b) costs he incurs from the diversity of bodies able to issue bank notes in Northern Ireland: and what bodies regulate issuing banks. [63433]
§ Ruth KellyThe Exchequer benefits from not bearing the printing and destruction costs associated with non-Bank of England sterling notes in circulation. However, the Exchequer also suffers a reduction in seignorage income, as the legislation does not require the issuing banks to wholly back their note issue with Bank of England notes. The Inland Revenue Stamp Office monitors the level of issuance by these banks.
§ Mr. McNamaraTo ask the Chancellor of the Exchequer how many bank notes of each denomination from each issuing bank were in circulation in Northern Ireland on the last day for which information is available. [63432]
§ Ruth KellyValues of the notes in circulation for each of the issuing banks, as at 8 June 2002, are as follows:
£ Bank Value1 Value2 Total Bank of Ireland 482,688,297 278,105 482.966,402 Ulster Bank 257,892,500 70,076 257,962,576 Northern Bank 267,053,976 439,105 267,493,081 First Trust Bank 244,908,000 — 244,908,000 1Value of notes of £5 and over in circulation. 2Value of notes of £5 and under in circulation. Details of the denominational breakdown of notes in circulation are not provided to the authorities.
Notes:
In addition, notes issued by the National Bank are not in active circulation any longer. The amount outstanding is £61,507.