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Number of fivers in ATMs soars

Number of fivers in ATMs soars

Category: Money

Updated: 26/04/2012
First Published: 26/04/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The initiative to dramatically increase the number of £5 notes has been deemed a success by the Bank of England.

The Bank set banks and building societies to increase the number of fivers dispensed from cash machine in 2010 following a successful pilot with HSBC the year before.

Around one in eight cashpoints in the UK now dispense £5 notes.

Providers have beaten the target, earning praises alongside ATM operators from the Bank of England.

"Banks and building societies are collectively dispensing 1.5% (of total withdrawals) in £5s," said the Bank.

Nearly ten times as many £5s are now dispensed from ATMs than before the roll-outs began in late summer 2010 – the equivalent of nearly £200 million each month.

By March 2012, over 5,000 ATMs right across the UK were dispensing £5s, compared to just 670 in 2009.

"I am delighted that this initiative has been so successful," said Mervyn King, governor of the Bank of England.

"A key objective for the Bank is to maintain public confidence in the currency, by meeting demand with good-quality genuine banknotes that the public can use with confidence."

Efforts have also been made to improve the quality of £5 notes, with work conducted by the Bank and the Note Circulation Scheme.

"In my speech at the Mansion House in 2007, I highlighted my concerns about the availability and condition of £5 notes," added Mr King.

"This initiative has made significant progress in dealing with these concerns, which were also shared by the public."

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