Ulster Bank is a large commercial bank, one of the traditional Big Four Irish banks. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland DAC; the Group's headquarters is located on George's Quay, Dublin, in the Republic of Ireland whilst the official headquarters of UBL is in Donegall Square East, Belfast, in Northern Ireland, it maintains a large sector of the financial services in both the UK and the Republic of Ireland. Established in 1836, Ulster Bank was acquired by the Westminster Bank in 1917; as a direct subsidiary of National Westminster Bank, it became part of The Royal Bank of Scotland Group in 2000. It has 146 branches in the Republic of Ireland and 90 in Northern Ireland with over 1,200 non-charging ATMs; the Group has over 1.9 million clients. Ulster Bank was founded as The Ulster Banking Company in Belfast in 1836; the bank was formed by a breakaway faction of shareholders in the newly formed National Bank of Ireland, founded in 1835, who objected to the latter bank's plan to invest profits from the bank in London rather than in Belfast.
The founding directors of the bank were John Heron, Robert Grimshaw, John Currell a linen bleacher from Ballymena, James Steen, a Belfast pork curer. In 2002 three Ulster Bank employees were arrested on charges of money laundering; the three were responsible for the destruction of old banknotes at the bank's former Waring Street cash centre. Between November 2001 and February 2002 they were accused of stealing £900,000 of used banknotes designated for disposal; the money was placed in various bank and building society accounts. On 23 January 2004 the men were jailed for two and a half years for the theft of £770,000. Lord Chief Justice Sir Brian Kerr criticised the bank's security measures during the trial. In 2003/2004, Ulster Bank Group purchased First Active, Ireland's oldest building society, for €887 million. In 2009, the First Active branch network and business of several hundred thousand savers and borrowers was merged with Ulster Bank, the brand name was retired in 2010. In June 2012 a computer system failure prevented customers from accessing accounts.
Initial estimates that the problem would be sorted out within a week were wildly optimistic with thousands of customers still unable to access their accounts into late July 2012, with ongoing issues still not resolved by mid August 2012. This RBS / NatWest / Ulster Bank issue has proved to be one of the largest IT failures the world has known. Ulster Bank has set aside £28M for compensation to customers. In March 2014 it was reported that the RBS Group was considering merging the bank in the Republic of Ireland with some of its rivals in order to reduce its holding. RBS Group's annual results for 2013 revealed Ulster Bank had operating losses of £1.5 billion and accounted for a fifth of the parent group's total bad debt charges. In October 2014 RBS confirmed it would retain Ulster Bank following improved market conditions in Ireland. Ulster Bank provide a full range of banking and insurance services to personal and commercial customers. In Northern Ireland the bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
Ulster Bank Limited is a member of the Financial Services Compensation Scheme and the British Bankers' Association. In Ireland, the bank is regulated by the Central Bank of Ireland; the bank provides Visa Debit cards to customers with their current accounts, having issued Maestro and Laser debit cards to NI and ROI customers in addition to other financial services. It launched 15 new commitments to its retail customers in September 2010. Ulster Bank is used by RBS to deposit funds invested through the popular Royal Deposit Plan. From 1968 until 2005, Ulster Bank's logo was three chevrons – identical to that of the National Westminster Bank, its owner; the bank changed to the RBS "daisy wheel" logo and typeface style in October 2005. The bank is one of the four banks. In common with the other Big Four banks of Northern Ireland, Ulster Bank retains the right to issue its own banknotes; these are pound sterling notes and equal in value to Bank of England notes, should not be confused with banknotes of the former Irish pound.
Ulster Bank's current notes all share the same design of a view of Belfast harbour flanked by landscape views. The principal difference between the denominations is their size. Notes incorporate the RBS "daisy wheel" logo, having incorporated the NatWest chevrons until 2006. 5 pound note, grey 10 pound note, blue-green 20 pound note, purple 50 pound note, blueIn November 2006 Ulster Bank issued its first commemorative banknote – an issue of one million £5 notes commemorating the first anniversary of the death of former Northern Irish and Manchester United footballer, George Best. This was the first Ulster Bank banknote to incorporate the RBS "daisy wheel", the entire issue was taken by collectors within hours of becoming available in bank branches. In 2019, Ulster Bank will be issuing a new series of banknotes printed in polymer, will be replacing its paper equivalents in circulation. On 8 February 2008, Ulster Bank Group Chief Executive, Cormac McCarthy, announced a three-year sponsorship deal worth over £1m for the Belfast Festival at Queen's.
It was hailed as a "new dawn" for the festival, suffering unde
Royal Bank of Scotland
The Royal Bank of Scotland (Scottish Gaelic: Banca Rìoghail na h-Alba, Scots: Ryal Bank o Scotland abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches in Scotland, though there are branches in many larger towns and cities throughout England and Wales. Both the bank and its parent, The Royal Bank of Scotland Group, are separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates The Royal Bank of Scotland by 32 years; the Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties. Following ring-fencing of the Group's core domestic business, the bank is expected to become a direct subsidiary of NatWest Holdings by 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018. Drummond and Child & Co. businesses in England.
The bank traces its origin to the Society of the Subscribed Equivalent Debt, set up by investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union. The "Equivalent Society" became the "Equivalent Company" in 1724, the new company wished to move into banking; the British government received the request favourably as the "Old Bank", the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the "New Bank" was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointed its first governor. On 31 May 1728, the Royal Bank of Scotland invented the overdraft, considered an innovation in modern banking, it allowed a merchant in the High Street of Edinburgh, access to £ 1,000 credit. Competition between the Old and New Banks was centred on the issue of banknotes; the policy of the Royal Bank was to either drive the Bank of Scotland out of business, or take it over on favourable terms.
The Royal Bank built up large holdings of the Bank of Scotland's notes, which it acquired in exchange for its own notes suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments; the suspension relieved the immediate pressure on the Bank of Scotland at the cost of substantial damage to its reputation, gave the Royal Bank a clear space to expand its own business—although the Royal Bank's increased note issue made it more vulnerable to the same tactics. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, in March 1729, it resumed lending. To prevent similar attacks in the future, the Bank of Scotland put an "option clause" on its notes, giving it the right to make the notes interest-bearing while delaying payment for six months.
Both banks decided that the policy they had followed was mutually self-destructive and a truce was arranged, but it still took until 1751 before the two banks agreed to accept each other's notes. The bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow, in part of a draper's shop in the High Street. Further branches were opened in Dundee, Dalkeith, Port Glasgow, Leith in the first part of the nineteenth century. In 1821, the bank moved from its original head office in Edinburgh's Old Town to Dundas House, on St. Andrew Square in the New Town; the building as seen along George Street forms the eastern end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, completed in 1774. An axial banking hall behind the building, designed by John Dick Peddie, was added in 1857; the banking hall continues in use as a branch of the bank, Dundas House remains the registered head office of the bank to this day.
The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857. By 1910, the Royal Bank of Scotland had around 900 staff. In 1969, the bank merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland; the expansion of the British Empire in the latter half of the nineteenth century saw the emergence of London as the largest financial centre in the world, attracting Scottish banks to expand southward into England. The first London branch of the Royal Bank of Scotland opened in 1874. However, English banks moved to prevent further expansion by Scottish banks into England. An agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London; this agreement remained in place until the 1960s, although various cross-border acquisitions were permitted.
The Royal Bank's English expansion plans were resurrected after World War I, when it acquired various small English banks, includin
Old Bushmills Distillery
The Old Bushmills Distillery is a distillery in Bushmills, County Antrim, Northern Ireland. As of December 2014, it was in the process of transitioning from ownership by Diageo plc to Jose Cuervo. All of the whiskey bottled under the Bushmills whiskey brand is produced at the Bushmills Distillery and uses water drawn from Saint Columb's Rill, a tributary of the River Bush; the distillery is a popular tourist attraction, with around 120,000 visitors per year. The company that built the distillery was formed in 1784, although the date 1608 is printed on the label of the brand – referring to an earlier date when a royal licence was granted to a local landowner to distil whiskey in the area. After various periods of closure in its subsequent history, the distillery has been in continuous operation since it was rebuilt after a fire in 1885; the area has a long tradition with distillation. According to one story, as far back as 1276, an early settler called Sir Robert Savage of Ards, before defeating the Irish in battle, fortified his troops with "a mighty drop of acqua vitae".
In 1608, a licence was granted to Sir Thomas Phillips by King James I to distil whiskey. For the next seven years, within the countie of Colrane, otherwise called O Cahanes countrey, or within the territorie called Rowte, in Co. Antrim, by himselfe or his servauntes, to make and distil such and soe great quantities of aquavite and aqua composita, as he or his assignes shall thinke fitt; the Bushmills Old Distillery Company itself was not established until 1784 by Hugh Anderson. Bushmills suffered many lean years with numerous periods of closure with no record of the distillery being in operation in the official records both in 1802 and in 1822. In 1860 a Belfast spirit merchant named Jame Patrick Corrigan bought the distillery. In 1885, the original Bushmills buildings were destroyed by fire but the distillery was swiftly rebuilt. In 1890, a steamship owned and operated by the distillery, SS Bushmills, made its maiden voyage across the Atlantic to deliver Bushmills whiskey to America, it called at Philadelphia and New York City before heading on to Singapore, Hong Kong and Yokohama.
In the early 20th century, the U. S. was a important market for Bushmills. American Prohibition in 1920 came as a large blow to the Irish Whiskey industry, but Bushmills managed to survive. Wilson Boyd, Bushmills' director at the time, predicted the end of prohibition and had large stores of whiskey ready to export. After the Second World War, the distillery was bought by Isaac Wolfson, and, in 1972, it was taken over by Irish Distillers, meaning that Irish Distillers controlled the production of all Irish whiskey at the time. In June 1988, Irish Distillers was bought by French liquor group Pernod Ricard. In June 2005, the distillery was bought by Diageo for £200 million. Diageo have announced a large advertising campaign in order to regain a market share for Bushmills. In May 2008, the Bank of Ireland issued a new series of sterling banknotes in Northern Ireland which all feature an illustration of the Old Bushmills Distillery on the obverse side, replacing the previous notes series which depicted Queen's University of Belfast.
In November 2014 it was announced that Diageo had traded the Bushmills brand with Jose Cuervo in exchange for the 50% of the Don Julio brand of tequila that Diageo did not own. Bushmills Original – Irish whiskey blend sometimes called White Bush or Bushmills White Label; the grain whiskey is matured in American oak casks. Black Bush – A blend with a greater proportion of malt whiskey than the white label, it features malt whiskey aged in casks used for Spanish Oloroso sherry. Red Bush – Like the Black Bush, this is a blend with a higher proportion of malt whiskey than the standard bottling, but in contrast the malt whiskey has been matured in ex-bourbon casks. Bushmills 10 year single malt – Combines malt whiskeys aged at least 10 years in American bourbon or Oloroso sherry casks. Bushmills 16 year single malt – Malt whiskeys aged at least 16 years in American bourbon barrels or Spanish Oloroso sherry butts are mixed together before finishing in Port pipes for a few months. Bushmills 21 year single malt – A limited number of 21 year bottles are made each year.
After 19 years, bourbon-barrel-aged and sherry-cask-aged malt whiskeys are combined, followed by two years of finishing in Madeira drums. Bushmills 1608: Originally released as a special 400th Anniversary whiskey; some Bushmills offerings have performed well at international Spirit ratings competitions. In particular, its Black Bush Finest Blended Whiskey received double gold medals at the 2007 and 2010 San Francisco World Spirits Competitions, it received a well-above-average score of 93 from the Beverage Testing Institute in 2008 and 2011. The band NOFX mentions Bushmills in the song "Theme From A NOFX Album" on the 2000 release Pump Up The Valuum Tom Waits mentions'Old Bushmills' in the song "Tom Traubert's Blues" In the third-season episode of The Wire, Back Burners, Jimmy McNulty refers to Bushmills as "Protestant whiskey" when he is offered it after being told Jameson is unavailable Burt Reynolds plays a Police Lieutenant in the 1975 movie Hustle whose favorite alcohol is Bushmills Todd Rundgren cites "a half a pint of Bushmills" as a poor substitute for love in his song Hungry For Love from the 1973 album A Wizard, A True Star In the 1982 film The Verdict, the Paul Newman character Frank Gavin orders Bushm
Banknotes of the pound sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling. Sterling banknotes are official currency in the United Kingdom, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, Tristan da Cunha in St Helena and Tristan da Cunha. One pound is equivalent to 100 pence. Three British Overseas Territories have currencies called pounds which are at par with the pound sterling. In most countries of the world the issue of banknotes is handled by a single central bank or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England; the arrangements in the UK are unusual, but comparable systems are used in Hong Kong and Macao, where three and two banks issue their own banknotes in addition to their respective governments. The Bank of England does act as a central bank in that it has a monopoly on issuing banknotes in England and Wales, regulates the issues of banks in Scotland and Northern Ireland.
Versions of the pound sterling issued by Crown Dependencies and other areas are regulated only by local governments and not the Bank of England. Until the middle of the 19th century owned banks in Great Britain and Ireland were free to issue their own banknotes. Paper currency issued by a wide range of provincial and town banking companies in England, Wales and Ireland circulated as a means of payment; as gold shortages affected the supply of money, note-issuing powers of the banks were restricted by various Acts of Parliament, until the Bank Charter Act 1844 gave exclusive note-issuing powers to the central Bank of England. Under the Act, no new banks could start issuing notes; the last private English banknotes were issued in 1921 by Fox and Company, a Somerset bank. However, some of the monopoly provisions of the Bank Charter Act only applied to Wales; the Bank Notes Act was passed the following year, to this day, three retail banks retain the right to issue their own sterling banknotes in Scotland, four in Northern Ireland.
Notes issued in excess of the value of notes outstanding in 1844 must be backed up by an equivalent value of Bank of England notes. Following the partition of Ireland, the Irish Free State created an Irish pound in 1928; the issue of banknotes for the Irish pound fell under the authority of the Currency Commission of the Republic of Ireland, which set about replacing the private banknotes with a single Consolidated Banknote Issue in 1928. In 1928 a Westminster Act of Parliament reduced the fiduciary limit for Irish banknotes circulating in Northern Ireland to take account of the reduced size of the territory concerned. Elizabeth II was not the first British monarch to have her face on UK banknotes. George II, George III and George IV appeared on early Royal Bank of Scotland notes and George V appeared on 10 shilling and 1 pound notes issued by the British Treasury between 1914 and 1928. However, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes did not depict the monarch.
Today, notes issued by Northern Irish banks do not depict the monarch. The monarch is depicted on banknotes issued by the Crown dependencies and on some of those issued by overseas territories; the following events and Acts of Parliament affected the course of banknote history in Great Britain and Ireland: The wide variety of sterling notes in circulation means that acceptance of different pound sterling banknotes varies. Their acceptance may depend on the experience and understanding of individual retailers, it is important to understand the idea of "legal tender", misunderstood; the assumption that all sterling notes are legitimate and of equal value, are accepted by merchants anywhere, has become a tourism headache in some parts of the UK. In summary, the various banknotes are used as follows: Bank of England banknotes Most sterling notes are issued by the Bank of England; these are legal tender in England and Wales, are always accepted by traders throughout the UK. Bank of England notes are accepted in the Overseas Territories which are at parity with sterling.
In Gibraltar, there are examples of pairs of automatic cash dispensers placed together, one stocked with Bank of England notes, the other with local ones. Scottish banknotes These are the recognised currency in Scotland, although they are not legal tender, they are always accepted by traders in Scotland, are accepted in other parts of the United Kingdom. However, some outside Scotland are unfamiliar with the notes and they are sometimes refused. Institutions such as clearing banks, building societies and the Post Office will accept Scottish bank notes. Branches of the Scottish note-issuing banks situated in England dispense Bank of England notes and are not permitted to dispense their own notes from those branches. Modern Scottish banknotes are denominated in pounds sterling, have the same value as Bank of England notes. Northern Irish banknotes Banknotes issued by Northern Irish banks have the same legal status as Scottish banknotes in that they are promissory notes issued in pounds sterling and may be used for cash transactions anywhere in the United Kingdom.
Bank of England £5 note
The Bank of England £5 note known as a fiver, is a banknote of the pound sterling. It is the smallest denomination of banknote issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse; the old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, was phased out and ceased to be legal tender after 5 May 2017. Five pound notes were introduced by the Bank of England in 1793, following the ten pound note, introduced in 1759 as a consequence of gold shortages caused by the Seven Years' War; the 5 pound note was introduced again, due to gold shortages caused by the French Revolutionary Wars and the Napoleonic Wars and was the lowest denomination of note issued until 1797. The earliest notes were issued to individuals as needed; these notes were written on one side only and bore the name of the payee, the date and the signature of the issuing cashier.
In 1797, due to the extra money need to fund the war and the uncertainty caused as Britain declared war on France, a series of bank runs drained the Bank of England of its gold supply. The Bank was forced to issue notes of £ 1 and £ 2 denominations; this was known as the'restriction period', as the exchange of notes for their value in gold was restricted. The Restriction Period ended in 1821 as the Government had to anchor the value of the currency to gold in order to control rising inflation and national debt. After a brief period to offset any sudden deflation, the UK returned to the gold standard on 1 May 1821; these notes could again be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be marked to indicate the amount, redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of five pounds" replacing the name of the payee; this declaration remains on Bank of England banknotes to this day.
A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward. The right to redeem banknotes for gold ceased in 1931, when Britain stopped using the gold standard. Metal thread was introduced on the £5 note in 1945 as a security feature; the printed black and white notes were replaced from 1957 onward by two-sided notes. The first two-sided £5 notes were blue and featured a bust of Britannia on the front and a lion on the back. Series C notes, first introduced in 1963, were the first notes to feature an image of the monarch on the front, with Britannia being relegated to the back. From 1971 onward, with the introduction of series D, a British historical figure was portrayed on the reverse: the soldier and statesman the Duke of Wellington in this case. Series E notes, first issued in 1990, are multicoloured, although they are predominantly turquoise-blue; these notes feature a portrait of railway pioneer George Stephenson, as well as for the first time'windowed' metal thread.
In 2002, a problem was identified in. The problem was highlighted after six members of the public complained to The Bank of England; the Bank said the move was a "precautionary measure while we carry out further tests and investigative work into what might have caused the fault and how widespread the problem is". The bank did rigorous testing and found the problem to be that the serial numbers were printed over the varnish rather than under it allowing the ink to be removed if enough force was applied; the Bank started to varnish the notes in an attempt to make them last longer than previous notes which only had an estimated lifespan of nine months. A spokesman for the Bank of England said: "The notes are still legal tender and the public shouldn't have a problem spending them in the shops; as long as shopkeepers check the anti-counterfeit measures the lack of serial numbers is not a problem. "If members of the public are concerned they should take the notes back to the bank where they will be exchanged."
In April 2013, the Governor of the Bank of England Sir Mervyn King announced on behalf of the bank that Elizabeth Fry would be replaced by Winston Churchill on the next £5 note which would enter circulation in 2016. It was announced that the images featured on the reverse would include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, a quote by Churchill and a background image of Churchill's Nobel Prize in Literature, while the obverse would feature an image of Queen Elizabeth II. In December 2013 the Bank of England announced that the next £5 note would be printed on a polymer, rather than cotton paper; the bank cited that they would be "cleaner, more secure and more durable". It was said that the new polymer notes would be more environmentally friendly, lasting 2.5 times as long as cotton paper notes, according to the Bank's own environmental testing. The note was introduced on 13 September 2016, with an initial print run of 440 million notes, over the period of co-circulation.
It was announced that there would be a co-circulatory period with the old series E notes, on 5 May 2017, the series E would cease to be legal tender. However, as with all Bank of England notes, they can be exchanged at f
Hibernia as a national personification representing Ireland appeared in numerous cartoon and drawings in the nineteenth century. As depicted in frequent cartoons in Punch, a magazine outspokenly hostile to Irish nationalism, Hibernia was shown as "Britannia's younger sister", she is an vulnerable girl. She is threatened by manifestations of Irish nationalism such as the Fenians or the Irish National Land League depicted as brutish, ape-like monsters. Unable to defend herself, Hibernia is depicted turning to the strong, armoured Britannia for defence. John Tenniel, now remembered as the illustrator of Alice's Adventures in Wonderland, produced a number of such depictions of Hibernia. At times nationalist publications did use the image of Hibernia; however because of the pro-union publications' adoption of the "helpless" image of Hibernia, nationalist publications would use Erin and Kathleen Ni Houlihan as personifications of Irish nationhood.. A statue, derived from an original by Edward Smyth and depicting a more confident Hibernia, stands in the central position of three atop the General Post Office in Dublin
Bank of England £50 note
The Bank of England £50 note is a banknote of the pound sterling. It is the highest denomination of banknote issued for public circulation by the Bank of England; the current cotton note, first issued in 2011, bears the image of Queen Elizabeth II on the obverse and the images of engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton on the reverse. £50 notes were introduced by the Bank of England for the first time in 1725. The earliest notes were issued as needed to individuals; these notes were written on one side only and bore the name of the payee, the date, the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821, when the French Revolutionary Wars and the Napoleonic Wars caused a bullion shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be signed to indicate the amount, redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of fifty pounds" replacing the name of the payee.
This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, although this was replaced by the signature of the Chief Cashier from 1870 onwards; the ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The £50 note ceased to be produced by the Bank of England in 1943 and did not reappear until it was reintroduced in 1981; these D series notes were predominantly olive green on both sides, with an image of Queen Elizabeth II on the front and an image of architect Christopher Wren on the back. As a security feature, this note had a metallic thread running through it, upgraded to a "windowed" thread from July 1988 onward; the thread is woven into the paper such that it forms a dashed line, yet appears as a single line when held up to the light. The series D note was replaced by the series E, beginning in 1994; this reddish note replaced Christopher Wren with John Houblon, the first governor of the Bank of England, on the reverse.
As an additional security feature, these notes had a foil patch on the front. The E revision series didn't have a £50 note; the current £50 note was introduced in 2011. It features two portraits on the reverse: engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton, along with the Whitbread Engine and the Soho Manufactory, Birmingham; the note has a number of security features in addition to the metallic thread, including motion thread, raised print, a watermark, microlettering, a see-through register, a colourful pattern that only appears under ultraviolet light. The current note is the first Bank of England banknote to feature two people on the reverse, the first Bank of England note to feature the motion thread security feature; this is an image in a broken green thread. The Bank of England has issued new £5 and £10 notes in polymer form. In October 2018, the Bank of England announced that the £50 note would be retained, with a new Series G polymer note planned to replace the Series F note at some point after 2020.
The Bank of England has a committee to consider nominations for the face of the new notes via public consultation. Peter Sands, an advisor to the British Government and former Chief Executive of Standard Chartered, has raised concern with the Bank of England over high denomination notes and their role in tax evasion, he claimed that scrapping the £50, other high denomination notes such as the CHF 1000 and $100, would reduce financial crime. Information taken from Bank of England website. Bank of England note issues Bank of England website