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| Version 1 | Version 2 |
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| More £5 notes for cash machines | More £5 notes for cash machines |
| (about 2 hours later) | |
| A High Street bank says it is stocking more £5 notes in cash machines in a pilot scheme to boost their numbers. | A High Street bank says it is stocking more £5 notes in cash machines in a pilot scheme to boost their numbers. |
| HSBC said that 100 of its cash machines in the Midlands and south west of England were being stocked with more fivers in a Bank of England trial. | HSBC said that 100 of its cash machines in the Midlands and south west of England were being stocked with more fivers in a Bank of England trial. |
| While all UK cash machines must have the capacity to hold all denominations of notes, demand and efficiency means most only give out £10 and £20 notes. | While all UK cash machines must have the capacity to hold all denominations of notes, demand and efficiency means most only give out £10 and £20 notes. |
| Latest figures show that £1.3bn worth of fivers are in circulation in the UK. | Latest figures show that £1.3bn worth of fivers are in circulation in the UK. |
| This number has been growing steadily in recent years, according to Bank of England figures. | This number has been growing steadily in recent years, according to Bank of England figures. |
| However, owing to the regularity of use, a £5 note only lasts in circulation for a year before being too damaged to use. The lifespan of a £50 note is usually five years or more. | However, owing to the regularity of use, a £5 note only lasts in circulation for a year before being too damaged to use. The lifespan of a £50 note is usually five years or more. |
| Popular question | Popular question |
| Speaking to the BBC in February, the Bank of England's chief cashier Andrew Bailey said the questions he was asked more than any others were why there were not enough £5 notes in circulation and why they were not good enough quality to last very long. | Speaking to the BBC in February, the Bank of England's chief cashier Andrew Bailey said the questions he was asked more than any others were why there were not enough £5 notes in circulation and why they were not good enough quality to last very long. |
| A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change Chris Haines, London taxi driver Follow a fiver - from production to destruction Dying cheques mark changing times | A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change Chris Haines, London taxi driver Follow a fiver - from production to destruction Dying cheques mark changing times |
| "We are very keen to get £5 notes into circulation," said Mr Bailey, whose signature is printed on every Bank of England note. | "We are very keen to get £5 notes into circulation," said Mr Bailey, whose signature is printed on every Bank of England note. |
| Now HSBC has said that it is taking part in a pilot project to increase stocking of £5 notes in cash machines. | Now HSBC has said that it is taking part in a pilot project to increase stocking of £5 notes in cash machines. |
| HSBC started the scheme in 100 of its 3,000 UK cash machines at the start of July, returning to the stacking of fivers commonly seen 10 years ago. | HSBC started the scheme in 100 of its 3,000 UK cash machines at the start of July, returning to the stacking of fivers commonly seen 10 years ago. |
| A spokesman said there was a dearth of £5 notes and adding to the circulation of fivers could allow £10 and £20 notes to last longer in circulation. | A spokesman said there was a dearth of £5 notes and adding to the circulation of fivers could allow £10 and £20 notes to last longer in circulation. |
| The move was welcomed by some in service industries, including Chris Haines, a London taxi driver, who said the shortage of fivers had become a real problem. | The move was welcomed by some in service industries, including Chris Haines, a London taxi driver, who said the shortage of fivers had become a real problem. |
| "A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change," he said. | "A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change," he said. |
| "Either that, or they have to queue up in a bank to get the fivers to hand out to people instead of £1 coins." | "Either that, or they have to queue up in a bank to get the fivers to hand out to people instead of £1 coins." |
| Shortage | Shortage |
| In his 2007 Mansion House speech, Bank of England governor Mervyn King said there was an ample supply of £5 notes, but it was often more economical for banks to stock machines with higher denominations. | |
| Notes used in cash machines need to be in good condition. | |
| Stacking them with £5 notes could add to the number of times they ran out of cash at busy times, according to a spokeswoman for Barclays. | |
| Stocking machines with £5 notes meant they would hold less value and so need to be stocked more regularly, which also raised issues such as security. | |
| She said that Barclays' machines housed inside branches still dispensed £5 notes, but there was greater demand for higher denominations. | |
| Only a handful of "hole-in-the-wall" machines outside would dispense £5 notes, based on the demographic of an area. | Only a handful of "hole-in-the-wall" machines outside would dispense £5 notes, based on the demographic of an area. |