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BoE keen for more £5 notes in ATMs

BoE keen for more £5 notes in ATMs

Category: Banking

Updated: 07/12/2009
First Published: 07/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
£5 notes could become more readily available from cashpoints up and down the UK, after the Bank of England's (BoE) Chief Cashier said the denomination is still too scarce.

Andrew Bailey, who is also the BoE's Executive Director for Banking Services told the Banknote conference 2009 in Washington DC that the Bank is trying to meet the twin objectives of maintaining a satisfactory physical quality of the notes in circulation and the public's demand for different denominations.

An increase in the number of £5 notes dispensed from cash machines will mean the denomination becomes more common, ensuring they are returned to cash centres for sorting," Mr. Bailey explained.

A number of HSBC branches in the South West and the Midlands have stocked £5 notes in their ATMs since July; a pilot scheme that the BoE says has had a positive effect.

Furthermore, a scheme whereby a major retailer supplied more £5 notes to its stores to be used as change has also been deemed a success.

"In the New Year, I hope and expect that we will take these examples to other financial institutions and major retailers to make the case for a change in policy towards issuing £5s," said Mr. Bailey.

"We need to see more £5s dispensed from ATMs and by retailers in change."

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