Publication - FOI/EIR release

The value behind banknotes within circulation in Scotland: FOI release

Published: 18 Dec 2018

Information request and response under the Freedom of Information (Scotland) Act 2002.

Published:
18 Dec 2018
The value behind banknotes within circulation in Scotland: FOI release
FOI reference: FOI/18/03573  
Date received: 26 November 2018 
Date responded: 18 December 2018
 
Information requested

 

“You recently stated that we don't have a gold reserve.

Q.1. What is backing up the three different banknotes that are within circulation in Scotland?

Q.2. What is the value behind these banknotes that make it so valuable that the government needs to borrow them and pay interest upon the usage?”

 
Response
 

While our aim is to provide information whenever possible, in this instance the Scottish Government does not have the information you have requested.  However, you may find some relevant information from The Bank of England on their website

http://www.bankofengland.co.uk/banknotes

and from the Committee of Scottish Clearing Banks at

https://www.scotbanks.org.uk/banknotes/fact-sheet.html .

The reason why we don’t have the information is explained below.

 
Reasons for not providing information
 

The Scottish Government does not have the information

The Scottish Government does not have the information you have asked for because the regulation of financial services is a matter reserved to the UK Government and Scottish Ministers have no power in this area. The responsibility for regulating commercial banknote issuance lies with the Bank of England. Further information about the issue of bank notes can be found on the Bank of England website by following this link: http://www.bankofengland.co.uk/banknotes

This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested.  

 
About FOI
 
The Scottish Government is committed to publishing all information released in response to Freedom of Information requests. View all FOI responses at http://www.gov.scot/foi-responses
 

Contact

Please quote the FOI reference
Central Enquiry Unit 
Email: ceu@gov.scot
Phone: 0300 244 4000 

The Scottish Government 
St Andrew's House 
Regent Road 
Edinburgh 
EH1 3DG