RBS to issue polymer bank notes from 2016
The Royal Bank of Scotland (RBS), the second largest issuer of banknotes in Scotland, has announced its next generation of £5 and £10 notes will be printed on polymer.
The redesigned notes are set to be partially unveiled in the coming months, with the new £5 note expected to enter circulation in the second half of 2016.
The £10 note will follow a year later, in line with the timeframes previously announced by the Bank of England, Clydesdale Bank and Bank of Scotland.
The polymer notes will be 15 per cent smaller than their cotton counterparts and printed on De La Rue’s Safeguard Polymer material, which the bank says is cleaner, more secure and more durable.
A comprehensive education and awareness programme will support the release of the notes, including information on new security features and how the current notes will be removed from circulation.
RBS has been issuing banknotes since 1727 and has an average of £1.5bn worth of notes in circulation on a single day.
David Wheldon, chief marketing officer at the Royal Bank of Scotland, said: “It is very important that people have confidence in our banknotes. The move to polymer notes will bring significant benefits to all those who use them. They will be smaller, cleaner and more secure.
“I look forward to unveiling the new designs later in the year, following close collaboration with the Scottish public.”