Recall of Sterling Notes
The longstanding process of banks withdrawing sterling notes and the Central Bank returning them to the Bank of England remained unchanged. The Minister could not compare current circulation with last year, but cited £80 million repatriated in 1977 and a recent decline in receipts.
asked the Minister for Finance the procedure which was adopted in the recall of British pound notes in the wake of the break with sterling.
Comment on this
There has been no change in the procedure for the recall of sterling notes. The longstanding arrangements, whereby such notes are withdrawn from circulation by the banks and repatriated by the Central Bank to the Bank of England, continue to operate.
Comment on this
Is there any current estimate of the amount of British notes still circulating within the country, compared with a year ago?
Comment on this
No, I cannot give the Deputy that kind of comparison. The only information in that regard I can give him is that in 1977, which is the latest published figure, the Central Bank arranged for the repatriation of some £80 million of sterling notes. There has in recent years been a decrease in the number of such notes being received by the banks. I cannot give the Deputy the comparative figure for this year with last year.
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