Next Game: AP : H v Newcastle Falcons Fri 27th April ko 7.45pm live on BT
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Quote:Wiki
Scottish and Northern Irish banknotes are unusual, firstly because they are issued by retail banks, not central banks, and secondly, as they are technically not legal tender anywhere in the UK – not even in Scotland or Northern Ireland – they are in fact promissory notes.[17][70]
Seven retail banks have the authority of HM Treasury to issue sterling banknotes as currency.[71][72] Despite this, the notes can be refused at the discretion of recipients in England and Wales, and are often not accepted by banks and exchange bureaus outside of the United Kingdom. This is particularly true in the case of the Royal Bank of Scotland £1 note, which is the only £1 note to remain in circulation within the UK.[73]
In 2000, the European Central Bank indicated that, should the United Kingdom join the Euro, Scottish banks (and, by extension, Northern Irish banks) would have to cease banknote issue.[74] During the Financial crisis of 2007–2008, the future of private banknotes in the United Kingdom was uncertain.
After the financial crisis of 2007–08, a number of banks were rescued from collapse by the United Kingdom government. The Banking Act 2009 was passed to improve protection for holders of banknotes issued by the authorised banks, so that the notes would have the same level of guaranteed value to that of Bank of England notes
Quote:Yorkie
Now thinking back a short while when the unsinkable big banks nearly went bust, is this promise from a PLC worth the plastic it is written on?
Quote:Yorkie
Can I set myself up as a Scottish bank and print money?
Quote:Yorkie
If those north of the border wish to go it on their own, does this mean that they now have their own money? Has little Jimmie Crankie set this up on the sly?
Quote:Yorkie
Is there not a Bank of Scotland? And if there is, why don't there guarantee their bits of plastic?
Quote:Rich W
Of course and independent Scotland can continue to use Sterling - in the same way as many countries do as much if not more of their commercial activity in £S and more often $US.
Quote:Rich W
More than Treseme...
Quote:Yorkie
So, has this Jock plc got any gold to support all the plastic they've printed?