asked the Minister for Finance why the Central Bank failed to issue new legal tender notes immediately after the bank strike was settled; for what reason old dirty notes were allowed to continue in circulation for so long after the dispute; and if he will make a general statement on the matter.
Ceisteanna—Questions. Oral Answers. - New Legal Tender Notes.
5.
The Central Bank could only replace soiled notes according as they were presented by the commercial banks. The withdrawal from circulation of soiled notes was resumed by the commercial banks immediately they reopened and proceeded at a fairly rapid rate.
Legal tender notes of the denominations of 10/-, £1 and £5 account for 90 per cent of the notes in circulation. In the month following the reopening of the banks, 7.3 million soiled notes of these denominations were withdrawn from circulation. Of these, 4.3 million were not required to be replaced as they were surplus to normal circulation needs. The remaining three million notes were replaced as to 58 per cent by new notes and the balance of 42 per cent by clean used notes.
The Government would take dirty notes now the same as anybody else.
Would the Deputy take them?
I certainly would.