Bank to change notes to beat raiders

The Northern Bank is to replace its entire current series of notes in a bid to thwart the gang which cleared its headquarters of £26.5m (€37.7m)), it was announced today.

Chief executive Don Price ordered the unprecedented move which it is understood will involve the withdrawal of up to £300m (€426.9m) in paper currency after talks with police chiefs.

All existing £10, £20, £50 and £100 notes will be replaced with new ones, a process which will cost £5m (€7.1m).

It will be eight weeks before the new notes are in circulation.

A statement confirmed: “All new notes will be of the same design as the old ones, but will be printed in a different colour, feature a new Northern Bank logo and bear new prefixes to their serial numbers.”

More than half of the missing millions included brand-new notes which could be detected immediately, but the drastic decision to carry out a total re-issue is aimed at preventing used notes filtering into the Northern Ireland economy.

The bank’s polymer £5 notes will not be affected.

Ownership of the Northern is due to be transferred from National Australia to Denmark’s biggest bank, Danske, when the £967m (€1.4bn) sale is completed next month.

The Northern has 95 branches and 30% of the market in the North.

National Australia also own National Irish in the Republic, which has 59 branches. Its stock of Irish notes was replaced with euro three years ago.

Today’s statement added: “We have the relevant experience to manage this complex, logistical exercise.”

The full statement by the Northern Bank reads:

“Northern Bank today announced, in co-operation with the police, that it is to replace its entire current series of notes in response to the robbery at its cash centre.

All existing £10, £20, £50 and £100 notes are to be replaced with new ones. The bank’s polymer £5 notes will not be affected.

All new notes will be of the same design as the old ones, but will be printed in a different colour, feature a new Northern Bank logo, and bear new prefixes to their serial numbers.

The process of printing new notes will take up to eight weeks.

The new notes will be put into circulation as soon as possible thereafter, and the existing stock of notes phased out accordingly. The changeover process will take a number of weeks and the public will be kept fully informed every step of the way.

Northern’s sister bank National Irish has recently undertaken a similar exercise when its note stock of Irish pounds was replaced by euros and so therefore we have the relevant experience and expertise to manage this complex logistical exercise.

The cost of replacing the notes will be up to £5m (€7.1m).”