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Scotland’s proud banknote tradition under threat
IF HE were alive today, then Malachi Malagrowther – better known as his alter ego Sir Walter Scott – would not be amused. Despite his sterling efforts to save the historic right of Scotland’s banks to issue their own notes, that privilege has come under renewed threat.
The Treasury is consulting on proposals to change the way Scotland’s commercial banks – the Clydesdale Bank, Royal Bank of Scotland (RBS) and Halifax Bank of Scotland – back up their notes with other assets. Along with banks in Northern Ireland, they could face a collective bill of £80 million a year to continue issuing their own banknotes. for more click here
