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UK News Bank of England extends polymer banknote contract to 2028

12:05  30 october  2020
12:05  30 october  2020 Source:   pressassociation.com

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The Bank of England started a formal public procurement process in December 2018 for the supply of polymer substrate for the £5, £10 and £50. The final decision to award contracts to CCL Secure and De La Rue was taken by the Court of the Bank of England . Supply of polymer under the new

Although the new Bank of England notes will be 15% smaller than the older, paper issue, they will bear a similar design.[16][17] Some businesses On 22 November, the Bank of Lebanon (Banque de Liban) issued a 50,000 livres banknote in polymer to commemorate the country's 70th anniversary of

The Bank of England has extended a contract with banknote maker De La Rue to keep making the bank’s cash for three years beyond its original 10-year contract, the company has announced.

text: The Bank of England has extended a contract for more polymer notes to be made by De La Rue. (Dylan Martinez / PA) © Dylan Martinez The Bank of England has extended a contract for more polymer notes to be made by De La Rue. (Dylan Martinez / PA)

De La Rue started making the central Bank’s first polymer notes in 2015, launching England’s first plastic £5 note a year later.

The contract had been due to end in 2025 but a three-year extension clause has been triggered, the bank said.

Alan Turing in a suit standing in front of a book: Former Bank of England, Mark Carney, showed off the new £50 polymer note, made by De La Rue, last year (Peter Byrne/PA) © Provided by PA Media Former Bank of England, Mark Carney, showed off the new £50 polymer note, made by De La Rue, last year (Peter Byrne/PA)

Notes will be printed at the bank’s facility in Debden, Essex, and comes as De La Rue announced a £15 million investment in its polymer production in June this year.

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LONDON (Reuters) - The Bank of England said on Thursday it had contracted CCL Secure Ltd and De La Rue Plc (DLAR.L) to supply the next 20-pound bank CCL Secure already produce polymer for the BoE's current five- and 10-pound banknotes , while De La Rue prints BoE notes at its facility in

Many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access at the Post Office.

Sarah John, Bank of England chief cashier, whose signature appears on every banknote, said: “The relationship with De La Rue is an important one for the Bank of England.

“During the course of the current contract, we have worked closely together to launch three new banknote designs on polymer.

“In 2021, the release of the new Alan Turing £50 note will complete our polymer set.

“We are very pleased to announce the extension of the contract today, which will enable us to continue to develop our Debden facility as a global centre of excellence for banknote printing.”

It remains unclear how many notes will be needed longer-term, with the coronavirus pandemic seeing a huge shift towards a cashless society.

But De La Rue has previously said the notes are cleaner and less likely to transmit viruses compared with traditional paper notes.

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We have today announced, Thursday 5 October, that we have entered into 10 year contracts with both CCL Secure Limited and De La Rue to supply the The final decision to award contracts to CCL Secure and De La Rue was taken by the Court of the Bank of England . Supply of polymer under the

The Bank of England banknotes . There are four denominations of banknotes in circulation: £5, £10, £20 and £50. The following security features are found on the polymer notes . There is a large see-through window. A portrait of the Queen is printed on the window with the numerical value of the note

Clive Vacher, chief executive of De La Rue, said: “We are delighted that our contract with the Bank of England has been extended to 2028, highlighting De La Rue’s commitment to UK manufacturing.”

Relations between the company and the UK Government were strained in 2018 when it lost out on the new post-Brexit passport contract.

Bosses threatened court action over the decision, but, this was subsequently dropped and the company sold its passport division.

A Serious Fraud Office (SFO) also loomed over the company with allegations of fraud at its South Sudan business, although this was dropped after investigators said the evidence did not “did not meet the relevant test for prosecution”.

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