Northern Ireland Banknote (Designation of Authorised Bank) Regulations 2020

Lord Rogan Excerpts

Tuesday 2nd June 2020 Lords Chamber

[Lord Rogan (UUP)]

My Lords, I thank the Minister for outlining the purpose of what we are discussing today. There are many reasons why Northern Ireland holds such a special place at the heart of our United Kingdom. One must surely be that the four locally based banks are authorised to issue their own commercial banknotes—beating Scotland by one.

Having read the Explanatory Memorandum that accompanies these regulations, I am pleased to learn that RBS Group anticipates that customers in Northern Ireland will continue to be served under the Ulster Bank brand following the internal restructuring of NatWest. That being the case, will the Minister tell us whether the existing polymer Ulster Bank notes will continue to be used until the end of their natural lifespans?

I say that because, as your Lordships will know, last year Ulster Bank became the first bank in the British Isles to issue vertical banknotes. Based on the theme of living in nature, the new £5 note celebrated Northern Ireland as a place that people pass through and visit, highlighting the importance of the sea and migration and featuring Strangford Lough and brent geese. The new £10 note which, like the £5 note, was also issued early last year, showcases Northern Ireland as a place of growth, in terms of both agriculture and heritage, featuring Lough Erne, the Irish hare and the guelder rose shrub. Towards the end of last year, the great people of the Province also enjoyed the chance to spend the new Ulster Bank £20 note, which features local music and culture, as well as the iconic brickwork and patterns inspired by Northern Ireland’s many redbrick tenement buildings.

If your Lordships are in any doubt about how valuable these notes have become, I offer some guidance as to their worth. A visit to the eBay website earlier today revealed that the Ulster £5 note is currently on sale for £12.50. A new Ulster Bank £10 note can be snapped up for £15. Both come with free postage and packaging. Given that the Ulster Bank polymer notes were made to last—although it may not necessarily be thought that there is a good sale on—I hope that they will be retained, given the cost of design and production as well as the environmental benefits of not issuing replacements any time soon. I support these regulations.