The E-Sylum:  Volume 10, Number 25, June 24, 2007, Article 30

BRITISH BANKS URGED TO HELP DISTRIBUTE FIVE POUND NOTES

A British news report notes that "Banks must do their bit to help replace
the 'scruffy' old five-pound notes with brand new ones, Bank of England
Governor Mervyn King says.

"Addressing bankers and city luminaries at the annual Mansion House dinner
on Wednesday, King bemoaned the sorry state of the "fiver" -- a note that
is rarely seen in its crisp, freshly minted state because banks hardly ever
dispense it in their cash machines.

"Instead, the pale turquoise notes are often creased and oily with use,
their image of 19th century prison reformer Elizabeth Fry barely visible
under layers of grime.

"King said that was because the notes remain in the banking system for
twice as long as they should, as circulation of the notes has not increased
in 15 years.

"King blamed High Street banks for the shortage and poor condition of the
notes, saying it was cheaper for them to stock their ATMS with 10 and 20
pound notes."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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