British Linen Bank
The British Linen Bank was a commercial bank based in the United Kingdom. It was acquired by the Bank of Scotland in 1969 and served as the establishment's merchant bank arm from 1977 until 1999; the Edinburgh-based British Linen was "the only British bank to be formed on the basis of an industrial charter" and, as the name suggests, its roots lay in the Scottish linen industry. The original driving force behind the formation of the British Linen Company was Andrew Fletcher, Lord Milton, he was a lawyer landowner, had been active in the promotion of The Royal Bank of Scotland and, according to Checkland, "from 1735 to 1766 he was the most important man in the politics of Scotland." He had helped establish the Board of Trustees for Fisheries and Manufactures in Scotland and was the chairman of the board's Linen Committee. In 1727 he had been instrumental in the formation of the Edinburgh Linen Co-Partnery and in the early 1740s Milton wanted to expand it, make it national and capable of marketing in England.
The men who were to see this concept to fruition were "two young and enterprising Edinburgh linen manufacturers", Ebenezer McCulloch and William Tod. They became the managers of the new enterprise, Milton himself becoming deputy manager, their scheme was for "a company on a much bigger scale than hitherto seen in Scotland" and at the height of its operations in the 1750s "it was not just the largest single firm in the Scottish linen industry but in the Scottish economy as a whole". It handled every stage in the manufacture of linen cloth and employed thousands of spinners and weavers. In 1745 a prospectus was duly issued for "The Company for Improving the Linen Manufactury in Scotland". However, the lack of limited liability proved an obstacle to fundraising, the alternative route of a Royal Charter was sought. Progress of the petition was slow due to the Jacobite rebellion and it made no mention of Scotland: "the Scots were looked on with open suspicion as open supporters of the exiled House of Stewart."
The Charter was granted in 1746 in the name of the British Linen Company. In what appeared incidental at the time, the charter included the right to bank unless this was prohibited. McCulloch and Tod were keen from the outset to provide banking services to their trading partners: "they had set their minds on having, `like banks`, promissory notes to pay to agents, weavers and other customers". However, "three years the Company issued true bank notes, payable on demand, non-interest bearing."Despite the increasing provision of banking services, the Company remained an industrial concern through the 1750s but with limited financial success. There were arguments between the founders over withdrawing from manufacture to just financing and marketing other producers. In the 1760s British Linen "began to make the transition from manufacturing to finance, reduced its commitment to the linen industry." McCulloch resigned in 1763 and agreed to take over all the Company's manufacturing leaving British Linen to confine itself to financing.
However, new management discovered that the financial position was worse than expected and the subsequent failure of McCulloch's business meant British Linen got some of its old manufacturing back again. The transition from linen to banking was not complete until the mid 1770s", it was not just the difficulty in withdrawing from the linen industry that made the transition drawn out – there remained uncertainty over the legality of their banking. In 1759 the Company refused a loan to a linen manufacturer because it was "not consistent with the rules". In 1762 the Company took counsel's opinion on the legality of banking and it was only on receiving reassurance that it agreed to open deposit accounts for "friends". A formal "Plan of Trade" was prepared in 1764 to develop banking business but then the directors were clear that they were not trying to rival the Royal Bank or Bank of Scotland and it was not until 1767 that the first credits were given to non-linen people. For years there remained a fear that legitimacy of the Company's banking activities could be challenged by other banks and there were repeated attempts to obtain a new charter.
Despite objections from the Royal and Bank of Scotland, the Company succeeded in 1813 but it was still refused permission to call itself British Linen Bank – a status not achieved until 1906. As British Linen began to develop its banking business, it found it had a ready-made structure in the form of the old linen agencies and these were used to varying degrees. Around 1760 some of the Company's agents "were direct to circulate the Company's notes and to'open accounts with such friends as could be depended on'" Branches opened after 1760 were designed to carry out banking transactions. However, it was not until 1785 that "the time had come for the Company to set up a permanent branch system, with agents related to the Company by proper agreements."The unsystematic progression from linen agency to bank branch makes it difficult to be certain about the number of branches the Company had in the late eighteenth century. Malcolm's list of branch openings suggests that there were 18 bank branches by 1800 and a further 25 added in the first half of the nineteenth century.
The pace of activity accelerated in the second half of the century with over 70 branch openings. The one thing that British Linen did not do was to acquire other banks; the one exception was in 1837. By 1901, British Linen's branch network was given
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
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.
Athena or Athene given the epithet Pallas, is an ancient Greek goddess associated with wisdom and warfare, syncretized with the Roman goddess Minerva. Athena was regarded as the patron and protectress of various cities across Greece the city of Athens, from which she most received her name, she is shown in art wearing a helmet and holding a spear. Her major symbols include owls, olive trees and the Gorgoneion. From her origin as an Aegean palace goddess, Athena was associated with the city, she was known as Polias and Poliouchos, her temples were located atop the fortified Acropolis in the central part of the city. The Parthenon on the Athenian Acropolis is dedicated to her, along with numerous other temples and monuments; as the patron of craft and weaving, Athena was known as Ergane. She was a warrior goddess, was believed to lead soldiers into battle as Athena Promachos, her main festival in Athens was the Panathenaia, celebrated during the month of Hekatombaion in midsummer and was the most important festival on the Athenian calendar.
In Greek mythology, Athena was believed to have been born from the head of her father Zeus. In the founding myth of Athens, Athena bested Poseidon in a competition over patronage of the city by creating the first olive tree, she was known as Athena Parthenos, but, in one archaic Attic myth, the god Hephaestus tried and failed to rape her, resulting in Gaia giving birth to Erichthonius, an important Athenian founding hero. Athena was the patron goddess of heroic endeavor. Along with Aphrodite and Hera, Athena was one of the three goddesses whose feud resulted in the beginning of the Trojan War, she plays an active role in the Iliad, in which she assists the Achaeans and, in the Odyssey, she is the divine counselor to Odysseus. In the writings of the Roman poet Ovid, Athena was said to have competed against the mortal Arachne in a weaving competition, afterwards transforming Arachne into the first spider. Since the Renaissance, Athena has become an international symbol of wisdom, the arts, classical learning.
Western artists and allegorists have used Athena as a symbol of freedom and democracy. Athena is associated with the city of Athens; the name of the city in ancient Greek is Ἀθῆναι, a plural toponym, designating the place where—according to myth—she presided over the Athenai, a sisterhood devoted to her worship. In ancient times, scholars argued whether Athena was named after Athens after Athena. Now scholars agree that the goddess takes her name from the city. Testimonies from different cities in ancient Greece attest that similar city goddesses were worshipped in other cities and, like Athena, took their names from the cities where they were worshipped. For example, in Mycenae there was a goddess called Mykene, whose sisterhood was known as Mykenai, whereas at Thebes an analogous deity was called Thebe, the city was known under the plural form Thebai; the name Athenai is of Pre-Greek origin because it contains the Pre-Greek morpheme *-ān-. In his dialogue Cratylus, the Greek philosopher Plato gives some rather imaginative etymologies of Athena's name, based on the theories of the ancient Athenians and his own etymological speculations: That is a graver matter, there, my friend, the modern interpreters of Homer may, I think, assist in explaining the view of the ancients.
For most of these in their explanations of the poet, assert that he meant by Athena "mind" and "intelligence", the maker of names appears to have had a singular notion about her. However, the name Theonoe may mean "she who knows divine things" better than others. Nor shall we be far wrong in supposing that the author of it wished to identify this Goddess with moral intelligence, therefore gave her the name Etheonoe. Thus, Plato believed that Athena's name was derived from Greek Ἀθεονόα, Atheonóa—which the Greeks rationalised as from the deity's mind; the second-century AD orator Aelius Aristides attempted to derive natural symbols from the etymological roots of Athena's names to be aether, air and moon. Athena was the Aegean goddess of the palace, who presided over household crafts and protected the king. A single Mycenaean Greek inscription a-ta-na po-ti-ni-ja /Athana potnia/ appears at Knossos in the Linear B tablets from the Late Minoan II-era "Room of the Chariot Tablets". Although Athana potnia is translated Mistress Athena, it could mean "the Potnia of Athana", or the Lady of Athens.
However, any connection to the city of Athens in the Knossos inscription is uncertain. A sign series a-ta-no-dju-wa-ja appears in the still undeciphered corpus of Linear A tablets, written in the unclassified Minoan language; this could be connected with the Linear B Mycenaean expressions a-ta-na po-ti-ni-ja and di-u-ja or di-wi-ja (Diwia, "of Zeus" or, possibly
Bank of England £20 note
The Bank of England £20 note is a banknote of the pound sterling. It is the second highest denomination of banknote issued by the Bank of England; the current cotton note, first issued in 2007, bears the image of Queen Elizabeth II on the obverse and the image of Scottish economist Adam Smith on the reverse. Starting in 2020, the current note will be phased out, to be replaced by a polymer note featuring a portrait of artist J. M. W. Turner in place of Smith. Twenty pound notes were introduced by the Bank of England for the first time in 1725; the earliest notes were handwritten, were issued to individuals as needed. 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 twenty 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. The twenty pound note ceased to be produced by the Bank of England in 1943, it was not until 1970 with the introduction of the series D notes that the denomination reappeared; the predominantly purple series D notes were two-sided, with an image of Queen Elizabeth II appearing on one side, accompanied by an image of Saint George and the Dragon and an image of William Shakespeare appearing on the other. This note had a security feature in the form of a'windowed' metal thread.
The thread is woven into the paper so that it forms a dashed line, yet appears as a single line when held up to the light. Series D notes were phased out in favour of the newer series E notes beginning in 1991; these notes were featured an image of scientist Michael Faraday on the back. Series E notes were replaced by a variant design from 1999 onwards; these are broadly similar to the earlier series E feature Edward Elgar on the reverse. The current £20 note was introduced in 2007, it features a portrait of Scottish economist Adam Smith on the back as well as an illustration of workers in a pin factory. The note features a number of security features in addition to the metallic thread: these include raised print, a watermark, microlettering, a holographic strip, a see-through register, a colourful pattern which only appears under ultraviolet light. In September 2015 the Bank of England announced that the next £20 note will be printed on polymer, rather than cotton paper; this was followed by an announcement in April 2016 that Adam Smith will be replaced by artist J. M. W. Turner on the next £20 note, which will enter circulation in 2020.
Images on the reverse of the Turner note will include a c.1799 self-portrait of Turner, a version of Turner's The Fighting Temeraire, the quote "Light is therefore colour" from an 1818 lecture by Turner, a copy of Turner's signature as made on his will. Information taken from Bank of England website. Bank of England note issues Bank of England website
Banknotes of Scotland
Banknotes of Scotland are the banknotes of the Pound Sterling that are issued by the Scottish banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Bank Charter Act 1844, the Banknotes Act 1845, the Currency and Bank Notes Act 1928, the Coinage Act 1971. Three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, Clydesdale Bank. Scottish banknotes are unusual, first because they are issued by retail banks, not central banks, second, because they are technically not legal tender anywhere in the United Kingdom – not in Scotland; as such, they are classified as promissory notes, the law requires that the issuing banks hold a sum of Bank of England banknotes or gold equivalent to the total value of notes issued. The fact that the notes are not defined as legal tender means that they are not withdrawn from circulation in the same way as the Bank of England notes, which cease to be legal tender on a given date.
Instead the Scottish banks withdraw old notes from circulation as they are banked. Any notes still in circulation continue to be honoured by banks, but retailers may refuse to accept older notes. All Bank of Scotland notes bear a portrait of Sir Walter Scott on the front in commemoration of his 1826 Malachi Malagrowther campaign for Scottish banks to retain the right to issue their own notes; the Bank of Scotland's 2007 series of banknotes is known as the Bridges of Scotland series. These notes were introduced on 17 September 2007, show Scotland's most famous bridges on the reverse side. From 2016, the Bridges of Scotland series is being renewed with the issue of new polymer notes with designs that follow the same basic theme of "bridges"; the Tercentenary and 2007 series of notes are being withdrawn from circulation and replaced with the polymer series as these are issued, but older notes continue to be accepted at banks. In line with this, the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.
Following the announcement that HBOS would be taken over by Lloyds TSB in September 2008, it was confirmed that the new banking company would continue to print bank notes under the Bank of Scotland name. According to the Bank Notes Act 1845, the bank could have lost its note-issuing rights, but by retaining headquarters within Scotland, banknote issue continued; as of August 2017, the Royal Bank of Scotland is in the process of adopting a new series of banknotes. These will be made of polymer. Two have been released, whilst a new £20 note is being designed; the £5 note shows Nan Shepherd on the obverse accompanied by a quote from her book'The Living Mountain', the Cairngorms in the background. The reverse displays two mackerel, with an excerpt from the poem ‘The Choice’ by Sorley MacLean; the obverse of the £10 note shows Mary Somerville, with a quote from her work'The Connection of the Physical Sciences', Burntisland beach in the background. The reverse displays an excerpt from the poem ` Moorings' by Norman MacCaig.
The obverse of the £20 note, to be introduced in 2020, will show Catherine Cranston. The design process of the notes was touted as a "collaboration with the people of Scotland", with a total of 1,178 Scots being included. Nile HQ, a Strategic Design Company led De La Rue printed the notes; each note contributes to an overall theme ‘Fabric of Nature’. Given the national significance of the notes, Nile HQ invited some Scottish designers and calligraphers to develop the creative concept for the new notes; the previous series of Royal Bank of Scotland notes issued in 1987, remains in circulation, although it is now in the process of being replaced by polymer notes: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.. On the front of each note is a picture of Lord Ilay, the first governor of the bank, based on a portrait painted in 1744 by the Edinburgh artist Allan Ramsay; the front of the notes features an engraving of the bank's former headquarters in St Andrew Square, Edinburgh.
The background graphic on both sides of the notes is a radial star design, based on the ornate ceiling of the banking hall in the old headquarters building. On the back of the notes are images of Scottish castles, with a different castle for each denomination; the Royal Bank of Scotland issues commemorative banknotes. Examples are the £1 note issued to mark the 150th anniversary of the birth of Alexander Graham Bell in 1997, the £20 note for the 100th birthday of Queen Elizabeth The Queen Mother in 2000, the £5 note honouring veteran golfer Jack Nicklaus in his last competitive Open Championship at St Andrews in 2005, the £10 note commemorating HM Queen Elizabeth II's Diamond Jubilee in 2012; these notes are much sought after by collectors, they remain long in circulation. Clydesdale Bank has three series of banknotes in circulation at present; the most recent set of notes, the Polymer series, came into circulation in March 2015, when the Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes.
The £5 commemorative notes, issued to mark the 125th anniversary of the construction of the Forth Bridge, contain several new security features including a reflective graphic printed over a transparent "window" in the banknote. Further notes in the polymer series will be introduced over time, replacing the previous paper notes: the public are being encouraged to spend or exchange non-polymer five and ten
Danske Bank (Northern Ireland)
Danske Bank UK is a commercial bank in Northern Ireland. Northern Bank was one of the oldest banks in Ireland having been formed in 1809, formed part of one of the Big Four banks in Ireland. Northern Bank took on the name of its parent company Danske Bank as its trading name in November 2012; the bank is considered one of the leading retail banks in Northern Ireland with 44 branches and 3 finance centres. Danske Bank is one of the four commercial banks in Northern Ireland which are permitted to issue their own banknotes. Danske Bank UK is a standalone business unit within the Danske Bank Group and operates under a UK banking licence. Northern Bank was founded in Belfast in 1809 as the Northern Banking Partnership; the bank expanded across Ireland, opening its first branch in the south in 1840. In 1965, the Northern Banking Company Limited was acquired by the Midland Bank, a London-based bank which had acquired the Belfast Bank in 1917. In 1970, the Midland's two Northern Ireland subsidiaries were merged to form Northern Bank Limited.
Under Midland's ownership, Northern Bank shared the Griffin logo. In 1986, Midland re-organised its British and Irish operations, as part of this process it separated its Northern Bank branches in the Republic of Ireland and transferred into a newly formed company called Northern Bank Limited. Midland Bank ran into severe financial difficulty as a result of its 1981 acquisition of Crocker National Bank in the USA and was forced to divest itself of assets to restore stability. In 1988, Midland sold off its subsidiaries, namely the Clydesdale Bank in Scotland, Northern Bank Limited and Northern Bank Limited, all of which were acquired by National Australia Bank. After this, Northern Bank Limited was renamed National Irish Bank; the Northern Bank brand name continued in Northern Ireland, but a new logo was introduced, a stylised "N" in a hexagon shape. In 2002, the bank's logotype was changed to match that of the National Australia Bank. In December 2004, the Denmark-based Danske Bank Group agreed to acquire Northern Bank and National Irish Bank for £967m.
The sale of the two banks marked National Australia Bank's exit from the Irish banking markets. Don Price remained as CEO, but was replaced by Gerry Mallon in June 2008; the acquisition was completed in 2005 and Danske Bank invested £100m in Northern Bank. As part of this process, National Irish Bank was separated from the Northern Bank and given its own dedicated management team. Both Northern & National Irish Bank migrated over to Danske Bank's technology platform with a centralised contact centre set up to deal with all incoming calls to the branches of both banks. From April 2006 the two banks adopted new corporate identities which were based on a variation of the Danske Bank logo. On 1 June 2012, brand separation between Northern Bank and National Irish Bank was reversed, with the two banks merged under the Northern Bank management team. On 19 November 2012 the bank formally dropped its Northern Bank name and began trading as Danske Bank; the first Danish branding was unveiled with new signage at the company's head office in Donegall Square.
Since the rebrand, cheques issued by the bank bear the legend "Danske Bank is a trading name of Northern Bank Limited". Danske Bank continues to issue pound sterling banknotes in Northern Ireland, notes issued since 2013 now bear the Danske Bank brand name. In 2008, Northern Bank embarked on a £3m investment programme to upgrade facilities at three of its Northern Ireland branches; as of November 2015, Kevin Kingston is CEO of Danske Bank UK, having been Deputy CEO. Stephen Matchett is Managing Director of Strategy & Corporate Development. Shaun McAnee is managing director of Corporate & Business Banking with responsibility for corporate banking, FX markets, specialist business, regional business centres, agri-business and business acquisition. Richard Caldwell is managing director of Personal Banking & Small Business incorporating branches, mortgage business, private banking, customer contact centres and small business. In common with the other Big Four retail banks of Northern Ireland, Northern Bank trading as Danske Bank continues to issue its own banknotes, a practice, abolished in England and Wales in the early Twentieth Century.
Danske Bank notes are pound sterling notes and equal in value to Bank of England notes and should not be confused with banknotes of the former Irish pound, a separate currency, replaced by the Euro in the Republic of Ireland in 2002. Following the acquisition of Northern Bank by Danske Bank, banknotes issued since June 2013 now bear Danske Bank branding in place of the Northern Bank name. Older banknotes bearing the Northern Bank name are still in circulation and continue to be acceptable for payments as they are withdrawn. Danske Bank has ceased issue of £50 and £100 notes and will in future only print £10 and £20 notes. Danske Bank does not issue £5 notes, but a special commemorative £5 note was issued by the Northern Bank to mark the Year 2000. Uniquely among sterling notes, this was a vertical polymer banknote, printed by the Canadian Bank Note Company on Australian synthetic polymer substrate instead of paper, making Northern Ireland the only part of the UK to have issued a plastic banknote prior to Scotland & England issuing the £5 polymer notes in Autumn 2016.
It is the only one of the bank's pre-2004 notes still in circulation. A