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HSBC stocks ATMs with £5 notes in BoE pilot

21 August 2009  |  6431 views  |  0 Pound note Queen Close up

HSBC has begun stocking 100 UK cash machines with £5 notes as part of a Bank of England (BoE) trial designed to boost their numbers.

Although ATMs in the UK must be able to stock notes of all denominations, the vast majority only hold £10 and £20 notes.

According to the central bank's figures, there are around 230 million £5 notes in circulation, compared to 630 million £10 notes and 1.4 billion £20 notes.

This means they get used more regularly and only last around a year in circulation before becoming too damaged to use.

In February, the BoE's chief cashier Andrew Bailey told the BBC that the bank was keen to get more of the low denomination notes in circulation.

HSBC is now stocking fivers in 100 machines in the South West and Midlands as part of the BoE bid to increase their circulation by making them last longer.

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