ECB Meeting reveals the new €50 banknote
Killian Vigna | 16 Jun 2016
On the 15th June 2016, the European Central Bank and its partners - the national central banks of the euro area (Eurosystem) – held a seminar for banknote equipment manufacturers (BEM’s) and suppliers.
The ECB meeting took place at the Banco de España in Madrid.
In Madrid, there was an ECB announcement to help partners prepare for the introduction of the new €50 banknote - the most widely used of all euro banknote denominations, representing about 45% - and to facilitate the adaption of banknote handling equipment.
“We – the Eurosystem and our industry partners – have started to prepare for the introduction of the new €50 note early on, to ensure businesses are ready so that people can use their new banknotes smoothly everywhere as of the day they enter into circulation”, said Ton Roos, Director Banknotes at the ECB.
The Partnership Program consisted of a Memorandum of Understanding (MoU) to underline a commitment to ensure that vending, ticketing and other machines accepting banknotes will work with the new €50.
The MoU was signed by 58 banknote equipment manufacturers, industry associations and other partners.
Money Point was the only Irish cash handling supplier to sign the MoU proving a commitment to inform our customers, partners, employees and other stakeholders about the new banknote.
The Eurosystem will unveil the new Europa series €50 banknote to the public on 5 July 2016. The new note is planned to be brought into circulation in spring 2017.
UPDATING MACHINES FOR THE NEW €50
The ECB and the central banks of the euro area countries (Eurosystem) will start introducing the new €50 banknote in April 2017. They will work closely with all interested parties so that they have sufficient time to test and adapt their machines.
What steps are being taken by the European Central Bank and the national central banks to prepare for the arrival of the new €50?
− The new note is being made available to banknote equipment manufacturers, suppliers and owners of machines and authentication devices at the euro area national central banks for testing and adapting of their machines. After the unveiling on 5 July 2016, the new €50 will also be available for testing and adapting outside the central banks.
− A regularly updated list of banknote authentication devices and banknote handling machines tested by the Eurosystem central banks for compatibility with the new banknotes is available here.
− Seminars covering the details of the issuance will be held across the euro area countries. The most recent one was held at the Banco de España in Madrid in June 2016.
− A Partnership Programme provides banknote equipment manufacturers and suppliers, professional organisations and associations as well as their clients and users with a range of communication tools and materials to promote the new banknotes. This programme allows partners to receive information in good time and to communicate easily and efficiently with their stakeholders
Eurosystem prepares for the introduction of new €50 banknote
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