Bank of England consent to transfer of authorisation to issue Northern Irish banknotes
A letter from the Bank of England providing consent for the Royal Bank of Scotland plc to transfer the existing statutory authority to issue commercial banknotes in Northern Ireland from Ulster Bank Limited to National Westminster Bank plc.
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Under section 214A of the Banking Act 2009 the Bank of England (the Bank) must provide its consent for a statutory instrument that transfers the authorisation to issue commercial banknotes between legal entities in the same banking group. This is because the Bank has responsibility for regulating the treatment, holding and issuance of commercial banknotes in Scotland and Northern Ireland.
This letter provides the Bank’s consent for the Royal Bank of Scotland Group to transfer authorisation to issue commercial banknotes in Northern Ireland from Ulster Bank Limited to National Westminster Bank plc. The letter is published here at the same time that the government has laid the relevant statutory instrument to make this change.