CCL Secure Enters Into Contract With Bank of England to Supply Polymer for Next £50 Note
LONDON, June 4, 2019 /PRNewswire/ -- CCL Secure has entered into an eight-year contract with the Bank of England to supply the polymer substrate for the next £50 banknote, completing a full family of banknotes on Guardian polymer.
Under the eight-year contract, the first call-off volume for production of the initial launch stock of £50 has been awarded majority to CCL Secure and the remainder to De La Rue.
CCL Secure's Vice President and Managing Director, Neil Sanders, said the new contract comes off the back of a successful introduction to Guardian polymer banknotes in England and Wales and around the world.
"100% of £5 and £10 banknotes currently in circulation are on Guardian polymer and 75% of the new £20 notes will be on Guardian after the launch of the new note next year.
"With the new £50 launch, the Bank of England will join Australia, Brunei, Canada, Mauritania, New Zealand, Papua New Guinea and Romania with their full family of notes on Guardian, the leading substrate used for polymer notes worldwide."
CCL Secure has worked closely with the Bank of England over the last ten years, developing the initial concept design for the new £5, developing the full substrate design of the £5 and £10 notes, and assisting in the design and consultation process for all the bank's future polymer notes.
"We're looking forward to working in collaboration with the Bank of England on this project and continuing the strong partnership that has produced a great deal of success over the last 10 years.
"Guardian polymer banknotes have a 30-year track record for reducing counterfeiting rates and a banknote's carbon footprint over its lifespan, producing a greener, cleaner, more secure and longer-lasting banknote," said Mr Sanders.
Following a large-scale public consultation in 2013, the Bank of England announced that the £5 note would be issued on polymer in 2016. As part of a £40 million investment programme in the UK, CCL Secure opened a state-of-the art production facility in Wigton, Cumbria in 2014, employing highly skilled local workers for both the substrate and base film manufacture. Guardian banknotes use a unique balanced biaxially oriented polypropelyne film (Clarity™ C) that is exclusive to polymer banknotes and is manufactured by CCL Secure's sister company Innovia.
In 2017, the Bank of England was awarded the Carbon Trust's Footprint Label for carbon footprint reduction for the move from cotton paper-based banknotes to polymer banknotes from CCL Secure.
Although the Bank of England has benefited from the longevity and environmental benefits of polymer, the decision to convert the £50 to polymer was primarily driven by the increased security of polymer banknotes.
Central banks around the world have adopted polymer banknotes to great effect since 1988.
In 2016 the Reserve Bank of Australia (RBA) issued the new $5 note the first of the next generation banknote project, the second note in the new family, the $10, was issued in 2017. During the same period the RBA also reported a reduction in counterfeits of 20%.
Since the introduction of polymer notes in Canada, the Bank of Canada has seen a significant increase in the lifetime of their polymer banknotes compared to the previous paper series with polymer notes lasting on average 4.14 to 4.3 times longer than paper.
Long-term cost saving benefits have been felt by central banks around the world thanks to the improved durability of polymer notes. By switching the 1000 colones banknote to polymer in 2011, the Central Bank of Costa Rica has reported saving around US$15 million.
About CCL Secure
CCL Secure is the pioneer and global specialist in polymer banknotes. Backed by proven performance, a highly experienced team and an integrated, bespoke service CCL Secure builds better banknotes that enable cash cycle transformation for the world's leading central banks. CCL Secure develops and manufactures polymer banknote products, Guardian and Spartan.
CCL Secure is a division of CCL Industries, which employs more than 20,000 people worldwide and operates from over 150 production facilities across 35 countries on six continents.
For further information, please visit www.cclsecure.com.
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