Bank of England £10 note
The Bank of England £10 note known as a tenner, is a banknote of the pound sterling. It is the second-lowest denomination of banknote issued by the Bank of England; the current polymer note, first issued in 2017, bears the image of Queen Elizabeth II on the obverse and the image of author Jane Austen on the reverse. The final cotton paper note featuring a portrait of naturalist Charles Darwin, first issued in 2000, was withdrawn from circulation on 1 March 2018, thereby replacing the cotton with a more fit material. Ten pound notes were introduced by the Bank of England for the first time in 1759 as a consequence of gold shortages caused by the Seven Years' War; the earliest notes were handwritten, 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 ten 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 ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The £10 note ceased to be produced by the Bank of England in 1943, it was not until 1964 with the advent of the series C notes that the denomination was re-introduced; these brown notes were the first £10 notes to feature an image of the monarch on the front, unlike the previous'White' notes they had a reverse. The C series was replaced by the D series beginning in 1975, with the new notes having a portrait of Florence Nightingale on the back.
The tradition of portraying historical British figures on the reverse continued with the E series, first issued in 1992, with an image of Charles Dickens appearing. Series E notes are multicoloured. From series E onward Bank of England £10 notes feature'windowed' metal thread; the revised Series E £10 note was introduced in 2000. It features a portrait of Charles Darwin on the back as well as an illustration of HMS Beagle and images of various flora and fauna; the note features a number of security features in addition to the metallic thread, including raised print, a watermark, microlettering, a hologram, a number ten which only appears under ultraviolet light. The F series £. In December 2013 the Bank of England announced that the next £10 note would be printed on polymer, rather than cotton paper; this followed the announcement in July 2013 that Charles Darwin would be replaced by 19th Century author Jane Austen on the next £10 note, which would enter circulation in 2017. The decision to replace Darwin with Austen followed a campaign to have a woman on the back of a Bank of England banknote when it was announced that the only woman to feature on the back of a note — prison reformer Elizabeth Fry on the £5 note — was to be replaced by Winston Churchill.
Images on the reverse of the Jane Austen note include a portrait of Austen commissioned by her nephew, an illustration of Elizabeth Bennet from Pride and Prejudice by Isabel Bishop, an image of Godmersham Park, a design based on Austen's 12-sided writing table as used by her at Chawton Cottage. The note includes the quote “I declare after all there is no enjoyment like reading!”, said by Austen's character Caroline Bingley, who in fact has no interest in reading and is attempting to impress Mr Darcy. Winchester Cathedral, where Austen is buried, is depicted in gold foil on the front of the note and silver on the back; the note with serial number AA01001817 was donated to Winchester Cathedral, marking the year of Austen's burial, 1817. Source: Bank of England Bank of England note issues Bank of England website Polymer ten pound note website
The Royal Bank of Scotland £1 note
The Royal Bank of Scotland £1 note is a banknote of the pound sterling. It is the smallest 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 Edinburgh Castle on the reverse. The £1 note is the smallest denomination of banknote issued by The Royal Bank of Scotland; the bank ceased regular production of £1 notes in 2001. In common with a number of other banks in Scotland, the Royal Bank of Scotland has retained the right to issue its own banknotes, it first issued notes in the same year the bank was founded. The issuing of banknotes by Scottish banks was regulated by the Banknote Act 1845 until it was superseded by the Banking Act 2009. Scottish banknotes are legal tender and as currency 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.
In 1727, the Royal Bank of Scotland began issuing twenty-shilling notes. Early banknotes were monochrome, printed on one side only; the first twenty-shilling notes were dated 8 December 1727 and were hand-signed by a bank cashier and given a unique number. The cashier added by hand the equivalent value in old Scots pounds — a currency, abolished 20 years earlier in the Acts of Union 1707 which united the Kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings was equivalent to £12 Scots; the bank continued the custom of including the value in old Scots pounds until 1792 to encourage acceptance of its banknotes. This series of banknotes was the first British banknote to have a royal portrait, as they featured a vignette of King George II, who had ascended to the British throne earlier that year. At the time, printing portraits was a difficult and expensive process, including a likeness of the King served as an effective anti-counterfeiting device; the banknotes were held at the bank in bound bundles, similar to modern cheque books.
When issued, the cashier would cut the note out with a wavy line. The Royal Bank's 1826 issue of the £1 note displayed much more intricate detail as printing processes were improved by the introduction of steel plates, it the first British banknote to be printed on both sides; this issue featured a portrait of King George IV, this was the last standard-issue Royal Bank of Scotland banknote to depict a reigning monarch. It was issued after the controversy of the Bankers Act 1826, in which the British government attempted unsuccessfully to prohibit the issue of low-value banknotes; the Royal Bank of Scotland's 1832 issue of £1 notes established the design for all the bank's £1 note issues for 136 years. It featured the bank's name surmounted by the Royal Arms of Scotland, in which the heraldic supporters of The Lion and the Unicorn flanked a portrait of King George I, commemorating his royal assent for the formation of the bank in 1727; the note featured illustrations of the allegorical figures of Britannia, looking out over the seas, Plenty, holding a cornucopia.
This design remained unchanged with only minor alterations. In 1968, the Royal Bank's £1 note design underwent its first major change to match the 1966 £5 note issue. For the first time, Royal Bank notes no longer bore a royal portrait, it was the Royal Bank's first full-colour note, bore the bank's coat of arms and included a steel security strip. The Dale Series was short-lived; these notes were the first Royal Bank notes to conform to the banknote colour conventions across the UK, so that all £1 notes were coloured green. The front of the note featured the coat of arms of the Royal Bank of Scotland, on the reverse was an illustration of the Forth Road Bridge. In 1987, the Royal Bank issued its Ilay series of banknotes, named after Lord Ilay, first governor of the bank, whose portrait appears on the front of all the notes; the illustration is based on a 1744 portrait painting of Lord Ilay by Allan Ramsay. Other common 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, an image of Lord Ilay as watermark.
All of the Ilay series notes feature a castle on the back. On the reverse of the £1 note is an image of Edinburgh Castle and the National Gallery of Scotland.£1 notes are now used. The Royal Bank was the last bank in Scotland to issue £1 notes, stopped production in 2001. In 2015, a new series of polymer banknote was introduced by the Royal Bank, replacing its Ilay series £5 and £10 notes. Information taken from The Committee of Scottish Bankers website. Design elements on the Ilay Series £1 note In 1992, The Royal Bank of Scotland issued the first special commemorative banknote in Britain and in Europe; the first commemorative £1 note was issued to mark the European Council Summit, held in Edinburgh on 8 December 1992. Since the Royal Bank has issued a number of c
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
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
St Kilda, Scotland
St Kilda is an isolated archipelago situated 64 kilometres west-northwest of North Uist, in the North Atlantic Ocean. It contains the westernmost islands of the Outer Hebrides of Scotland; the largest island is Hirta. Three other islands were used for grazing and seabird hunting; the islands are administratively a part of the Comhairle nan Eilean Siar local authority area. The origin of the name St Kilda is a matter of conjecture; the islands' human heritage includes numerous unique architectural features from the historic and prehistoric periods, although the earliest written records of island life date from the Late Middle Ages. The medieval village on Hirta was rebuilt in the 19th century, but illnesses brought by increased external contacts through tourism, the upheaval of the First World War contributed to the island's evacuation in 1930; the story of St Kilda has attracted artistic interpretations, including Michael Powell's film The Edge of the World and an opera. Permanent habitation on the islands extends back at least two millennia, the population never exceeding 180.
The entire remaining population was evacuated from Hirta in 1930. The islands house a unique form of stone structure known as cleitean. A cleit is bothy. There are known to be a further 170 on the other group islands; the only year-round residents are military personnel. The entire archipelago is owned by the National Trust for Scotland, it became one of Scotland's six World Heritage Sites in 1986, is one of the few in the world to hold mixed status for both its natural and cultural qualities. Parties of volunteers work on the islands in the summer to restore the many ruined buildings that the native St Kildans left behind, they share the island with a small military base established in 1957. Two different early sheep types have survived on these remote islands, the Soay, a Neolithic type, the Boreray, an Iron Age type; the islands are a breeding ground for many important seabird species including northern gannets, Atlantic puffins, northern fulmars. The St Kilda wren and St Kilda field mouse are endemic subspecies.
Various theories have been proposed for the origin of the name Kilda, which dates from the late 16th century. No saint is known by the name. Haswell-Smith notes that the full name St Kilda first appears on a Dutch map dated 1666, that it might have been derived from Norse sunt kelda or from a mistaken Dutch assumption that the spring Tobar Childa was dedicated to a saint.. Martin Martin, who visited in 1697, believed that the name "is taken from one Kilder, who lived here. Maclean suggests it comes from a corruption of the Old Norse name for the spring on Hirta and states that a 1588 map identifies the archipelago as Kilda, he speculates that it refers to the Culdees, anchorites who might have brought Christianity to the island, or be a corruption of the Gaelic name for the main island of the group, since the islanders tended to pronounce r as l, thus habitually referred to the island as Hilta. Steel adds weight to the idea, noting that the islanders pronounced the H with a "somewhat guttural quality", making the sound they used for Hirta "almost" Kilta.
St Kilda speakers interviewed by the School of Scottish Studies in the 1960s show individual speakers using t-initial forms, leniting to /h/, e.g. ann an Tirte and gu Hirte. Maclean further suggests that the Dutch made a cartographical error, confused Hirta with Skildar, the old name for Haskeir island much nearer the main Outer Hebrides archipelago. Quine hypothesises that the name is derived from a series of cartographical errors, starting with the use of the Old Icelandic Skildir and appearing as Skildar on a map by Nicholas de Nicolay. This, so the hypothesis goes, was transcribed in error by Lucas J. Waghenaer in his 1592 charts without the trailing r and with a full stop after the S, creating S. Kilda; this was in turn assumed to stand for a saint by others, creating the form, used for several centuries, St Kilda. The origin of Hirta, which long pre-dates St Kilda, is open to interpretation. Martin avers that "Hirta is taken from the Irish Ier, which in that language signifies west". Maclean offers several options, including an Celtic word meaning "gloom" or "death", or the Scots Gaelic h-Iar-Tìr.
Drawing on an Icelandic saga describing an early 13th-century voyage to Ireland that mentions a visit to the islands of "Hirtir", he speculates that the shape of Hirta resembles a stag. Steel quotes the view of Reverend Neil Mackenzie, who lived there from 1829 to 1844, that the name is derived from the Gaelic Ì Àrd, a further possibility that it is from the Norse Hirt. In a similar vein, Murray speculates. All the names of and on the islands are discussed by Coates, it has been known for some time that St Kilda was continuously inhabited for two millennia or more, from the Bronze Age to the 20th century. The first direc
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
Bank of Ireland
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional'Big Four' Irish banks. The premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783. Bank of Ireland is the oldest bank in continuous operation in Ireland; the history is. 1783 – 25 June 1783, the Bank of Ireland opened for business at Mary's Abbey in a private house owned by one Charles Blakeney. 1808 – 6 June 1808, Bank of Ireland moved to 2 College Green. 1864 – Bank of Ireland first pays interest on deposits. 1926 – The Bank of Ireland took control of the National Land Bank – a friendly society. 1948 – The Bank of Ireland 1783–1946 by F. G. Hall was published jointly by Hodges Figgis and Blackwell's. 1958 – The Bank took over the Hibernian Bank Limited. 1965 – The National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain.
The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being incorporated into Bank of Ireland. The British branches were acquired by Glyn's Bank. 1980 - The first Pass card and machine were open known as ATM. 1983 – Bank of Ireland Bi-Centenary. A commemorative stamp was issued; the Bank commissioned the publication of "An Irish Florilegium". 1995 – Bank of Ireland merge First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group 1996 – Bank of Ireland buys the Bristol and West building society for €882m, which keeps its own brand. 1999 – Merger talks with Alliance & Leicester were held and called off. 2000 – It is announced that Bank of Ireland is to acquire Chase de Vere. 2002 – Bank of Ireland acquires Iridian, the US investment manager, which doubles the size of its asset management business. 2005 – Bank of Ireland completes the sale of the Bristol and West branch and Direct Savings to Britannia Building Society.
2008 – Moody's Investors Service changed its outlook on Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening asset quality and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. 2009 – The Irish government announces a €7 billion rescue package for the bank and Allied Irish Banks plc in February. The biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants Oliver Wyman validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level, exceeded by €1 billion within a matter of months. 2010 – The European Commission orders the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid. 2011 – The Securities Services Division is sold to Northern Trust Corporation.
2013 – Bank of Ireland more than doubles interest rates on mortgages tracking the Bank of England rates, citing the need to hold more reserves and the'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as'having shot the reputation of its mortgages to smithereens' the bank continues to offer competitive mortgages through the Post Office. 2014 – Regulation of the bank will transfer to the European Central Bank. 2014 – Enters marketing alliance with EVO Payments International and re-enters the card acquiring market. BOI Payment Acceptance launches in December 2014; the Bank of Ireland is not, was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established Bank of Scotland and Bank of England; the Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. The titles of the chairman of the board of directors and the title of the board itself suggest a central bank status.
From the foundation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish Government. The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin; this building was designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, it was the world's first purpose-built bicameral parliament building. The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street. However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803; the former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building; the Oireachtas, the modern parliament of the Republic of Ireland, is now housed in Leinster House in Dublin.
In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue. In the 1970s the bank moved its headquarters to a modern building on Lower Baggot Street, Dublin 2; as Frank McDonald notes in his book Destructi