Bank replaces €20m of ‘mutilated’ money

Twenty million euro of damaged bank notes, some ruined by washing machines and microwaves, has been replaced by authorities since the start of last year.

The Central Bank revealed its eagle-eyed note checkers refused 370 applications for new money this year — the vast majority because less than half the original note was handed in.

Among the excuses people have offered for ruined notes are that they tried to dry out soaked or damp cash in a microwave or they unwittingly put them through a wash and spin cycle.

The Central Bank said €10.7m worth of what it classed as “mutilated notes” were reimbursed last year, while this year €9.9m has been replaced.

Experts in its currency division are reporting more ink-stained notes beinghanded in over recent years by professional cash handlers, mainly cash-in-transit security companies.

Last year 195 lots of these dyed notes were replaced by authorities, while 245applications have been processed this year.

“All lodgements of mutilated bank notes are verified and authenticated prior tothe generation of a reimbursement payment,” the Central Bank said.

The bank said the rise in staining was down to the increased use ofIntelligent Banknote Neutralisation Systems (IBNS), a pocket of dye that burstsif a cash box is forced open.

Applications to refund ruined notes can be refused for reasons other than less than half the note surviving. The Central Bank said it also rejected notes if the damage was intentional, the damaged note is a health and safety risk because it is unsanitary or bloodstained, and if criminality is involved, such as notes stained following a robbery.

All notes handed in are checked and verified by the authority.