Central Banking

Banks to get euro banknotes early

The ECB has agreed that new euro banknotes will be made available to banks up to three months before they become legal tender on January 1 2002. Payment for the new currency deliveries will be made in three tranches in January. Bank will be required only to provide collateral for the cash delivered when notes are passed on to retailers, the vending machine industry and cash in transit companies. The ECB has also extended the deadline for the exchange of national banknotes for euros to March 3