asked the Minister for Finance whether a change in the designs of the existing range of bank notes is contemplated; if so, why, and in what respect the present designs are unsatisfactory; and whether, if new designs are contemplated, he will arrange that a competition be held with independent judges so that the best designs possible will be obtained.
Ceisteanna—Questions. Oral Answers. - Bank Note Designs.
37.
Under section 45 of the Currency Act, 1927, as amended, the design of legal tender notes is a matter for the Central Bank, subject to the sanction of the Minister for Finance.
I am aware that the bank has felt for some time that the designs of the legal tender notes, which were adopted over 42 years ago, fall short of present day standards of design and security and should be replaced. The bank has not yet made any official proposal to me in the matter. I am sure, however, that it will do everything feasible to secure that the best possible new designs will be obtained.
Deputies may wish to know that the current issue of the Quarterly Bulletin of the Central Bank, which is available in the Library, contains an informative article in which this matter is discussed at some length.
Now that the British have reduced the size of their note, do we intend to follow them slavishly and reduce ours to the same size?
I have indicated that there is some concern about not alone design but security. I would suggest that the Deputy might like to look at the article to which I have referred before he commits himself too far.
On what ground is there concern about security? Have there been forgeries of our bank notes? Let us be precise about it.
Has the Deputy read the article in question?
I have not.
May I suggest that he read it and if he is not happy he might put down another question?
Has the Minister read it?
I have.
Is the Minister aware the article does not come to any firm conclusion? Is there not therefore some need for a definite decision as to what action would be taken on the matter?
I have indicated that this is a matter for the Central Bank, that I have no official proposals from them but that I know they are considering the matter.