British Overseas Territories
The British Overseas Territories or United Kingdom Overseas Territories are 14 territories under the jurisdiction and sovereignty of the United Kingdom. They are remnants of the British Empire that have not been granted independence or have voted to remain British territories; these territories do not form part of the United Kingdom and, with the exception of Gibraltar, are not part of the European Union. Most of the permanently inhabited territories are internally self-governing, with the UK retaining responsibility for defence and foreign relations. Three are inhabited only by a transitory population of scientific personnel, they all share the British monarch as head of state. As of April 2018 the Minister responsible for the Territories excluding the Falkland Islands and the Sovereign Base Areas on Cyprus, is the Minister of State for the Commonwealth and the UN; the other three territories are the responsibility of the Minister of State for Europe and the Americas. The fourteen British Overseas Territories are: The term "British Overseas Territory" was introduced by the British Overseas Territories Act 2002, replacing the term British Dependent Territory, introduced by the British Nationality Act 1981.
Prior to 1 January 1983, the territories were referred to as British Crown Colonies. Although the Crown dependencies of Jersey and the Isle of Man are under the sovereignty of the British monarch, they are in a different constitutional relationship with the United Kingdom; the British Overseas Territories and Crown Dependencies are themselves distinct from the Commonwealth realms, a group of 16 independent countries each having Elizabeth II as their reigning monarch, from the Commonwealth of Nations, a voluntary association of 53 countries with historic links to the British Empire. With the exceptions of the British Antarctic Territory and South Georgia and the South Sandwich Islands and the British Indian Ocean Territory, the Territories retain permanent civilian populations. Permanent residency for the 7,000 civilians living in the Sovereign Base Areas of Akrotiri and Dhekelia is limited to citizens of the Republic of Cyprus. Collectively, the Territories encompass a population of about 250,000 people and a land area of about 1,727,570 square kilometres.
The vast majority of this land area, 1,700,000 square kilometres, constitutes the uninhabited British Antarctic Territory, while the largest territory by population, accounts for a quarter of the total BOT population. At the other end of the scale, three territories have no civilian population. Pitcairn Islands, settled by the survivors of the Mutiny on the Bounty, is the smallest settled territory with 49 inhabitants, while the smallest by land area is Gibraltar on the southern tip of the Iberian peninsula; the United Kingdom participates in the Antarctic Treaty System and, as part of a mutual agreement, the British Antarctic Territory is recognised by four of the six other sovereign nations making claims to Antarctic territory. Early colonies, in the sense of English subjects residing in lands hitherto outside the control of the English government, were known as "Plantations"; the first, colony was Newfoundland, where English fishermen set up seasonal camps in the 16th century. It is now a province of Canada known as Labrador.
It retains strong cultural ties with Britain. English colonisation of North America began in 1607 with the settlement of Jamestown, the first successful permanent colony in Virginia, its offshoot, was settled inadvertently after the wrecking of the Virginia company's flagship there in 1609, with the Virginia Company's charter extended to include the archipelago in 1612. St. George's town, founded in Bermuda in that year, remains the oldest continuously inhabited British settlement in the New World. Bermuda and Bermudians have played important, sometimes pivotal, but underestimated or unacknowledged roles in the shaping of the English and British trans-Atlantic Empires; these include maritime commerce, settlement of the continent and of the West Indies, the projection of naval power via the colony's privateers, among other areas. The growth of the British Empire in the 19th century, to its territorial peak in the 1920s, saw Britain acquire nearly one quarter of the world's land mass, including territories with large indigenous populations in Asia and Africa.
From the mid-nineteenth century to the early twentieth century, the larger settler colonies – in Canada, New Zealand and South Africa – first became self-governing colonies and achieved independence in all matters except foreign policy and trade. Separate self-governing colonies federated to become Canada, South Africa, Rhodesia; these and other large self-governing colonies had become known as Dominions by the 1920s. The Dominions achieved full independence with the Statute of Westminster. Through a process of decolonisation following the Second World War, most of the British colonies in Africa and the Caribbean gained independence; some colonies becam
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
Bank of England 10s note
The Bank of England 10s note was a banknote of the pound sterling. Ten shillings in pre-decimal money was equivalent to half of one pound; the ten-shilling note was the smallest denomination note issued by the Bank of England. The note was issued by the Bank of England for the first time in 1928 and continued to be printed until 1969; the note was removed in favour of the fifty pence coin. In the 18th and 19th centuries, banknotes were handwritten or part-printed and could be exchanged, in whole or in part, for an equivalent amount of gold when presented at the bank. During the First World War the British Government wanted to maintain its stocks of bullion and so banks were ordered to stop exchanging banknotes for gold. One pound and 10 shilling notes were introduced by the Treasury in lieu of gold sovereigns; these notes were nicknamed "Bradburys" because of the prominent signature of Sir John Bradbury, Permanent Secretary to the Treasury displayed on the notes. Britain returned to the gold standard in 1925, but the Bank of England was only obliged to exchange notes for gold in multiples of 400 ounces or more.
The responsibility for the printing of ten-shilling notes was transferred to the Bank of England in 1928, the right to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The first Bank of England ten-shilling notes were two-sided, printed banknotes featuring the declaration "I promise to pay the bearer on demand the sum of ten shillings" on the front; this declaration remains on Bank of England banknotes to this day. In 1940, during the Second World War, ten-shilling notes were issued in a new mauve and grey colour scheme in order to deter counterfeiters, although the design remained the same. At the same time, a metallic thread running through the paper was introduced as a security feature. After the war ten-shilling notes were issued in their original red colour; the earliest post-World War II notes did not have the metallic thread security feature, but those issued from October 1948 onward did. A new design for ten-shilling notes was introduced in 1961, with the old notes ceasing to be legal tender in 1962.
These new series C notes were longer and narrower, were the first ten-shilling notes to feature a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. In the late 1960s it was decided that future banknotes should feature a British historical figure on the reverse; the first such note was the series D £ 20 note, featuring William Shakespeare. A design for a ten-shilling note featuring Walter Raleigh on the reverse was approved in 1964 but was never issued. Instead, in 1969, as part of the process of decimalisation, a new fifty pence coin was introduced as a replacement for the ten-shilling note; the principal reason for the change was economy: the notes had an average lifetime of about five months whereas coins could last at least fifty years. The series C ten shilling notes ceased to be legal tender on 22 November 1970. In the Isle of Man, both the English and Manx Ten Shilling Notes continued to be legal tender for fifty new pence until 2013.
Information taken from Bank of England website. Bank of England note issues Bank of England website
The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of banknotes and coins denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland, it can be exchanged at par with notes. For this reason, ISO 4217 does not include a separate currency code for the Guernsey pound, but where a distinct code is desired GGP is used; until the early 19th century, Guernsey used predominantly French currency. Coins of the French livre were legal tender until 1834, with French francs used until 1921. In 1830, Guernsey began production of copper coins denominated in doubles; the double was worth 1⁄80 of a French franc. The name "double" derived from the French "double deniers", although the value of the coin was equal to the liard still circulating. Coins were issued in denominations of 2, 4 and 8 doubles; the 8 double coin was a "Guernsey penny", with twelve to the "Guernsey shilling".
However, this shilling was not equal to the British shilling. Banknotes were produced by the States of Guernsey from 1827, denominated in pounds. In 1848, an ordinance was passed that the pound sterling should be legal tender at a value of £1 1s 3d; this was rescinded two years and French currency, supplemented by local issues, continued to circulate. In 1870, British coins were made legal tender, with the British shilling circulating at 12 1⁄2 Guernsey pence. Bank of England notes became legal tender in 1873. In 1914, new banknotes appeared, some of which carried denominations in Guernsey shillings and francs. After the First World War, the value of the franc began to fall relative to sterling; this caused Guernsey to adopt a pound equal to the pound sterling in 1921. For amounts below 1 shilling, the conversion rate of 1 Guernsey penny = 1 British penny applied, allowing the Guernsey coins to continue to circulate. For amounts above 1 shilling, an exchange rate of 21 Guernsey shillings to the pound sterling was used, applying an approximation to the pre-war exchange rate of 25.2 francs = 1 pound sterling, rather than the exact rate of 25.22.
This conversion increased the value of the double from 1⁄2016 to 1⁄1920 of a pound. The World War I issues of banknotes were overstamped with the word "British" to indicate this change. New banknotes and British silver coinage circulated alongside the double coins, with 3-pence coins minted specially for Guernsey from 1956. In 1971, along with the rest of the British Isles, Guernsey decimalised, with the pound subdivided into 100 pence, began issuing a full range of coin denominations from 1⁄2p to 50p; the Guernsey pound, other notes denominated in pound sterling may be used in Guernsey. The Guernsey pound is legal tender only in the Bailiwick of Guernsey although it circulates in Jersey but cannot be used in the UK, it can be exchanged in other places at banks and bureaux de change. Between 1830 and 1956, Guernsey's four coin denominations, 1, 2, 4 and 8 doubles, all carried similar designs, with the Island's arms and name on the obverse and the denomination and date on the reverse. In addition, the 8 double coins featured a wreath on both sides.
In 1956, new designs were introduced for the 8 doubles. These featured the Island's seal and name on the obverse with the English name, the date and the Guernsey lily on the reverse. Threepence coins were issued from 1956, with the same obverse and a reverse featuring the Guernsey cow; as in the UK, 5- and 10-new-pence coins were introduced in 1968, followed by 50-new-pence coins in 1969, before decimalisation took place in 1971 and the 1⁄2-, 1- and 2-new-pence coins were introduced. These coins were the same composition as the corresponding British coins; the word "new" was dropped in 1977. The £1 coin was introduced in 1981, two years before its introduction in the UK, although the 20-pence and £2 coins were introduced at the same time as in the UK: 1982 and 1998, respectively; the thickness of the 1981 coin was thinner than the modern version and the diameter measured less. The 1-pound coin ceased to be legal tender on 15 October 2017 to coincide with the withdrawal of the circular £1 coin in the UK.
The UK's new twelve-sided £1 coin will be the only £1 coin, legal tender on the island. The first decimal issues continued with the same obverse as the last pre-decimal issues until 1985, when Raphael Maklouf's portrait of Queen Elizabeth II was added. Ian Rank-Broadley's portrait of the Queen has appeared since 1998. Designs on the reverses of Guernsey's decimal coins are: In 1827, the States of Guernsey introduced one-pound notes, with the Guernsey Banking Company and the Guernsey Commercial Banking Company issuing one-pound notes from 1861 and 1886, respectively; the commercial banks lost their right to issue notes in 1914, although the notes circulated until 1924. In 1914, the States introduced five- and ten-shilling notes denominated as 6 and 12 francs. In 1921, States notes were over-stamped with the word "British" to signify the island's conversion to a pound equal to sterling. From 1924, ten-shilling notes were issued without any reference to the franc; the five-shilling note was discontinued.
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
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
The Royal Bank of Scotland £100 note
The Royal Bank of Scotland £100 note is a banknote of the pound sterling. It is the largest denomination of banknote issued by The Royal Bank of Scotland; the current cotton note, first issued in 1987 bears an image of Lord Ilay, one of the founders of the bank, on the obverse and a vignette of Balmoral Castle on the reverse. The Royal Bank of Scotland began issuing £ 100 notes in the same year as the bank's founding. Early banknotes were monochrome, printed on one side only; the issuing of banknotes by Scottish banks was regulated by the Banknote Act 1845 until it was superseded by the Banking Act 2009. Though not legal tender in Scotland, Scottish banknotes are legal currency and are accepted throughout the United Kingdom. Scottish banknotes are backed such that holders have the same level of protection as those holding genuine Bank of England notes; the £100 note is the largest denomination of banknote issued by The Royal Bank of Scotland. The current Ilay series of banknotes was first issued in 1987.
These banknotes feature a portrait of first governor of the bank, on the front. Lord Ilay's image is used as a watermark on the notes. Other design elements include the bank's coat of arms and logo, the facade of Dundas House, the bank's headquarters in Edinburgh, a pattern representing the ceiling of the headquarters' banking hall. All of the Ilay series notes feature a castle on the back. On the reverse of the £100 note is an image of Balmoral Castle. Information taken from The Committee of Scottish Bankers website. Design elements on the Ilay Series £100 note The Committee of Scottish Bankers website