Deadline set for removal of £5 and £10 notes

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There are less then four weeks to go before all paper £5 and £10 notes are withdrawn from circulation.

The Association of Commercial Banknote Issuers (ACBI), on behalf of Bank of Ireland, Danske Bank and Ulster Bank, has set a deadline of September 30 before the notes are withdrawn.

A spokesperson for ACBI highlighted the benefits of polymer banknotes over paper, noting the difficulty counterfeiting the newer notes and their greater physical longevity.

The spokesperson said: “Thanks to the work that Bank of Ireland, Danske Bank and Ulster Bank have already undertaken to swap the older paper notes with the more secure, environmentally friendly polymer notes, the majority of £5 and £10 notes have already been replaced with polymer.

“We have set a deadline for using paper £5 and £10 notes as 30th September. The Northern Ireland note issuing banks will continue to accept old paper based notes and there are currently no plans to change this.”

Separately First Trust Bank confirmed in February 2019 that they will cease their own note issuance by 30th June 2020 and will instead dispense Bank of England banknotes or sterling banknotes of equivalent value.

First Trust Bank banknotes remain legal currency until 30th June 2022.

Banks will continue to accept all Northern Ireland notes from their own customers, which can be either deposited into their bank account or exchanged for polymer notes. Bank of Ireland, Danske Bank and Ulster Bank have also agreed that they will exchange their own paper £5 and £10 notes from non-customers up to the value of £250.

Other banks, building societies and The Post Office may continue to accept and exchange Northern Ireland paper notes after 30th September.