| | | News Section | | | | Summary of the Framework for the Recycling of euro Banknotes (BRF) | | | | | | Background to the Banknote Recycling Framework (BRF)
To maintain a high standard of banknote circulation across the euro area and thereby make it easier to detect counterfeits in circulation, the Eurosystem has agreed on a general framework for recycling of banknotes, to be applied in every eurozone country. This is called ‘Recycling of Euro Banknotes: Framework for the Detection of Counterfeits and Fitness Sorting by Credit Institutions and Other Professional Cash Handlers’ and is known as the Banknote Recycling Framework or BRF. The BRF covers all professional cash handlers, i.e. those persons or companies whose primary business is cash handling, e.g. banks, building societies, An Post, credit unions, cash-in-transit companies, etc. It lays down clear guidelines for banknote recycling, i.e. common rules for the detection of counterfeits and minimum standards for fitness checks of euro banknotes.
Principles of the Banknote Recycling Framework (BRF)
All banknotes issued through ATMs must first be checked to ensure that they are genuine and in good condition by a BRF-compliant machine. A list of BRF-compliant machines and other BRF-related information may be accessed through the ECB’s website at http://www.ecb.europa.eu/euro/cashhand/recycling/html/index.en.html
All banknotes issued over the counter must first be checked to ensure that they are genuine and in good condition either by a BRF compliant machine or by trained staff. Where banknotes are checked by staff, those staff must be specifically trained to identify non-BRF compliant notes for removal from circulation. The CBFSAI provides training on a train-the-trainer basis to cash handling institutions on request. Please contact cid.operations@centralbank.ie for further details.
Non-compliant banknotes
Suspected counterfeit banknotes must be sent (via the cash handling institution’s central office) to the National Analysis Centre, CBFSAI, Sandyford Road, Dublin 16, as per the obligations set out in the Counterfeiting Code of Practice 2003.
Under the BRF, notes deemed to be unfit must be taken out of circulation by cash handling institutions and returned to their clearing bank or cash centre, from where they will be sent to the CBFSAI for destruction. |
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