To ask the Chancellor of the Exchequer whether he has proposed or considered arrangements under which banknotes would continue to be issued to Scottish and Northern Ireland banks under a single European currency. [30462]

By the terms of the Maastricht treaty, provided the European Central bank was prepared to authorise them to do so, Scottish and Northern Ireland banks could continue to issue their own banknotes, though they would remain without legal tender status, as is currently the situation. Article 16 of the statute of the European system of central banks, a protocol to the Maastricht treaty, expressly provides that the European Central bank shall respect as far as possible existing practices regarding the issue and design of banknotes.