Business

Ulster Bank to release polymer £5 and £10 notes

Bank of England released a polymer £5 note last year and will issue further polymer £10 and £20 notes

ULSTER Bank has announced it will introduce new polymer £5 and £10 notes to Northern Ireland in 2019.

The new notes, replacing the current designs which have been in circulation for over 40 years, will feature advanced security features and design ideas crowd-sourced and influenced by a panel of expert historians, botanists, artists, architects and members of the public from across Northern Ireland.

The notes are in the final stages of their design phase, and will move into production later this year, with engagement with retailers and other business users to prepare equipment that manage and take cash payments to adapt to the changes. The designs for the new notes will be unveiled in the coming months and the first notes will enter circulation in 2019.

Lita Notte, senior brand and marketing manager at Ulster Bank said the new notes will be a "demonstration of what matters to those who live and work here in Northern Ireland".

“We're looking forward to showcasing these new pieces and the energy and enthusiasm of all those who took part in the process," she said.

The news comes after the Bank of England introduced a polymer £5 note last year, with the £10 version to be released into circulation in September and the £20 in 2019. Northern Bank was the first to introduce a polymer note in the UK when it issued a £5 note in 2000.

All Northern Ireland banknotes are legal currency, eligible for use in all sterling transactions across the UK. Current Ulster Bank £5 and £10 notes will remain in circulation until 2019, when they will be removed.

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