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IRELAND AND OTHER Eurozone countries look unlikely to follow in the footsteps of the Bank of England by introducing plastic banknotes, the European Central Bank has confirmed.
A switch from paper notes to polymer ones is on the cards in England and Wales after a three-year study found the new notes last longer, are cleaner and more difficult to counterfeit.
However, a spokesperson for the ECB said that although plastic notes were recently considered for the euro notes, cotton paper was seen as the best material for security reasons, and because Europeans have grown used to how the notes feel.
“We looked at all options when, quite a few years ago already, we had to take a decision on the material to use for banknotes,” the spokesperson told TheJournal.ie in relation to the new €5 note unveiled at the start of this year. “The outcome of that analysis was that cotton paper is the best material for euro banknotes”.
He cited security and cost aspects as the main considerations behind the decision.
Polymer bank notes last around 2.5 times longer than paper notes, but are also twice as expensive to produce. A change would also mean that all sorts of banknote handling machines would have to be updated, further adding to the cost.
Instead, the ECB decided to go for the best of both worlds.
“Considering all options, we decided to use cotton/paper with a coating, which increases the life cycle of a banknote by 50 per cent but which is only marginally more expensive,” the spokesperson said.
The new plastic notes notes, which are made of polymer, are slightly slippier and more bendy than existing notes but still easy to fold. The Bank of England is rolling out a consultation process at the moment to take the public temperature on the new notes, and has said that if there is public opposition, it will back down on using them.
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I’m using Rubber Cheques at the moment, bouncing everywhere
We had this same article last week.
Bring back the Punt!!!
I still have one in my wallet.
The punts have been printed, sitting in the CB waiting for the collapse….if that comes! #EU #Euro hanging on for dear life
I’d hate to be payin my mortgage in punts when 1 is worth 20c
These plastic notes are great. Was in Australia 8 years ago and used them. Perfect if you accidentally put them in washing machine.
They use them in Australia. Great job as they don’t tear if they get wet.
Still tears! Plenty of $5 notes going round taped together. Try one in the oven. Shrinks perfectly.
They do unfold themselves and try to escape from your pocket tho… sly little bastards..
Dear Journal.
You ran this exact story last week.
Slow news day!
My very thoughts. Move on Journal.ie Your job is to cover news, not try and scrape the barrel to generate reaction.
Folks, if you read the article from last week, you’d know that it was about the Bank of England trial of the new plastic notes. This article is about whether Ireland – and the rest of the Eurozone – would ever do what England and Wales is doing. So yes, they are different articles. No need to be sarky about it – I’m happy to clarify that.
Plastic, Paper, doesn’t change the fact that it only is what it can buy. I’ll take it whatever way I can get it!
Margaret you’re leaving yourself open to some tasty comments with that last sentence
Already done that on another thread!!
OK. I’ll take it in whatever form the legal tender is manufactured. How’s that?
There have been plastic fivers in the north for ages now.
Sounds like a credit card.
The punt is already printed , it’s just a matter of time
+1
At least there’s two of you to believe each others BS.
Actually Buckwheat, it’s true although for obvious reasons not widely publicised.
Call it what you like BW, but the truth remains the same, the punts are stacks up in waiting in the central bank and have been for years. You’d be a fool not to given the past/current and future economic crisis. (What no back up plan!) Fool.
Stay classy, Ryan – resorting to personal insults :) what don’t you you back up your unsubstantiated lie.
You will have to ask Germany. You signed your country over.
Enda Kenny sold our country over.
The majority voted for the euro. From then you lost control.
Why? Because the Irish media has picked this story up from the UK press and thinks we should all follow suit?
Didn’t know the cotton industry had that much clout.
What’s next RFID chips…… Couldn’t resist … Who’s gonna be first with the tin foil hat joke and tell me they don’t exist ?
What we need are notes in the amounts 4.99 , 9.99 , 19.99 and so on. Maybe a 99 cent coin as well just in case.
Sure why not.
coming from Australia which was the first country to introduce polymer bank notes (in 1988), and has had all of our notes this way for years I can’t understand why there would be a fuss about them, they last longer, don’t tear easily, and are very difficult to forge, and are recyclable.
Why every country hasn’t adopted them boggles the mind
The cash in transit gangs will be delighted.
Just a guess but I doubt the red dye which explodes when a secure cash case is opened wihout the key will stain the notes anymore as they can be wiped clean
As long as we get to call them Plastic Paddy’s…..
People should just use laser cards
Guess you work in a bank and thinking ahead about Christmas bounces with all the transaction charges
What’s the point?
I don’t get the opposition, I like the new money
have your say