Bank of England Talks to Banks to Eradicate `Scruffy' Notes, Cashier Says

(Bloomberg) -- The Bank of England is in talks with
U.K. lenders, including HSBC Holdings Plc, to replace ``scruffy''
five-pound ($10) notes in circulation with a billion pounds of
new bills, its chief cashier said.

``We're in close contact with the issuing banks,'' said
Andrew Bailey, whose signature appears on every bill printed by
the central bank, in an interview. ``We will look at the way in
which banks are remunerated for sorting and issuing notes,
whether we've got the distribution of those incentives right
between the denominations of notes. On the face of it I think we
haven't.''


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