Mr Burns: Will the Minister give us his assessment of the large variety of banknotes that are in circulation in Northern Ireland? Would he like to see Northern Bank, Ulster Bank, Bank of Ireland and First Trust Bank issue a single, standard version?

The Minister of Finance and Personnel: That will not be a matter of my choice or, indeed, the choice of the banks concerned. The consultative paper that is being considered by the banks is likely to lead to them attempting to get a compromise with the Government, who are keen to protect the consumer by having us all use Bank of England notes. A compromise position has already been agreed with the Scottish banks — whether that compromise is accepted by the Treasury is something quite different.

It is to the banks’ financial advantage to produce banknotes because they do not have to cover the full value of the notes with the Bank of England and can use the additional funds in the short-term money markets.