BANKNOTES. counterfeiting and protection of euro banknotes. Thomas Wagner Oesterreichische Nationalbank
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1 BANKNOTES Issuance, changeover, common logistics, counterfeiting and protection of euro banknotes Thomas Wagner Oesterreichische Nationalbank EMU Lawyers Conference Frankfurt, 29 January 2009
2 TOPICS Issuance and related matters Changeover to euro banknotes Banknote production and production logistics Recycling framework Protection against counterfeiting
3 Art. 106 EC-Treaty ECB and NCBs may issue euro banknotes ECB shall have the exclusive right to authorize the issue Euro banknotes issued shall be the only notes having legal tender status within the Community
4 Art. 16 ESCB-Statute Statute determines additionally The ECB shall respect as far as possible existing practices regarding the issue and design of banknotes.
5 Matters closely related to banknote issuance Withdrawal from circulation Intellectual property Conditions for the reproduction of banknote images Exchange of mutilated banknotes
6 Withdrawal of euro banknotes from circulation Contrarius actus to issuance No explicit provisions in Treaty and Statute ECB (GovC( GovC) shall publish decision in the OJ laying down i.a. (Article 5 of Guideline ECB/2003/4) - the duration of the exchange period - the date of termination of legal tender status - treatment of withdrawn banknotes NCBs obliged to announce decision in the national media (Article 5 of Guideline ECB/2003/5)
7 Euro banknotes and intellectual property ECB holds copyright on euro banknotes Close co-operation operation between ECB and NCBs to protect copyright Guideline ECB/2003/5 provides for a standardised procedure to deal with non-compliant reproductions Infringement procedures under national criminal law or copyright law Second line of defence: Infringement procedure according to Council Regulation (EC) No. 2532/98
8 Reproduction of a euro banknote (Decision ECB/2003/4) is any kind of image that resembles or gives the impression of a euro banknote by using at least parts of a banknote or of its individual design elements. Reproductions which the general public might mistake for genuine euro banknotes shall be deemed unlawful.
9 Conditions for reproductions of banknote images Lawful reproductions pursuant to Decision ECB/2003/4: - One-sided reproductions if 125 % ór 75 % of length and width of the respective banknote - Two-sided reproductions if 200 % or 50 % of length and width of the respective banknote - Reproductions of individual design elements, if depicted on background not resembling a banknote - One-sided reproductions of part of one banknote side, if smaller than one third of the original side - Reproductions made of material clearly different from paper and looking distinctly different from material used for banknotes - Electronically generated reproductions, if the word SPECIMEN is printed on it in a certain manner and a minimum resolution of 72 dpi
10 Exchange of damaged banknotes (Decision ECB/2003/4) A damaged banknote is exchanged if - either more than 50 % of the banknote is presented - or it can be proved that missing parts have been destroyed but - identification required if doubts on the legal title - written explanation required in case of ink-stained stained, contaminated or impregnated banknotes - written statement on cause in case of banknotes discoloured by activated anti-theft theft devices - no exchange of intentionally damaged banknotes - no exchange in case of sufficient suspect of a criminal offence
11 Changeover to euro banknotes Council Regulation (EC) 974/98 on the introduction of the euro Setting 1 January 2002 as the first day of issuance Euro banknotes to be the only banknotes with legal tender status in the euro area Remaining legal tender function of national banknotes until 30 June 2002 at the latest Dual circulation period could be shortened by national law and was shortened to a two months period
12 Banknote changeover logistics 2001/2002 (Guideline ECB/2001/1) Pre-distribution of euro banknotes to credit institutions already from 1 September 2001 Linear debiting model staggered debiting of credit institutions on 2, 23 and 30 January 2002 Option to extend pre-distribution via credit institutions to non-bank undertakings under the proviso of full collateralisation
13 Recent euro banknote changeovers Slovenia 2007, Cyprus and Malta 2008, Slovakia 2009 Simultaneous introduction of the euro as currency and as legal tender Shortened dual circulation periods Pre-distribution to credit institutions and further to non-bank undertakings Joining NCBs borrow required banknotes from Eurosystem banknote stocks against later repayment
14 Euro banknote production Principles Decentralised production scenario with pooling NCBs responsible for procurement of their allocated share of total Eurosystem banknote requirement Common technical specifications and quality requirements Common security rules for transport and storage Joint management of banknote stocks Currently available options for NCBs: - In-house printing - Mandate to public printing works - Tendering to accredited printing works Accreditation requirement for manufacturers of secure items of euro banknotes (Guideline ECB/2008/3)
15 Transition to a Single Eurosystem tender procedure (Guideline ECB/2004/18) Single Eurosystem tender procedure as from 1 January 2012 at the latest Single Eurosystem tender procedure will apply to tendering NCBs earlier, if - half of total annual Eurosystem banknote requirement tendered and - half of NCBs will tender their allocated production share The Single Eurosystem tender procedure shall not apply to - NCBs using in-house or public printing works, which choose not to participate - Research & Development, including design and origination
16 Recycling framework for euro banknotes Strives for a single euro cash area and uniform banknote quality throughout the euro area Establishes harmonised procedures on banknote recycling by - setting minimum standards for fitness checks - laying down common rules for the detection of counterfeits Serves the general public Serves particularly credit institutions withdrawing from circulation banknotes suspect of being counterfeit pursuant to Council Regulation (EC) No. 1338/2001
17 Recycling framework core elements Common authenticity and fitness checks for euro banknotes Framework addresses banks and professional cash handlers as well as retailers and any other organisations operating banknote- dispensers Common tests for banknote handling machines and detector systems Reissuance of euro banknotes via ATMs or customer-operated operated devices only after successful test of machines/devices by an NCB (List of approved equipment published on ECB and NCB websites) Banknotes not compliant with minimum sorting standards to be returned to NCBs Reporting obligations for credit institutions and professional cash handlers
18 Protection against counterfeiting Basic protection of euro banknotes against counterfeiting by measures under national criminal law, predominantly affected by the Geneva Convention 1929 a Council framework Decision of 29 May 2000 Council Regulation (EC) No. 1338/2001 laying down measures necessary for the protection of the euro against counterfeiting Establishment of National Analysis Centres (NACs) Communication between NACs and ECB on new types of suspected counterfeit notes Credit institutions obliged to withdraw suspected counterfeit notes and to hand them over to the competent national authorities Co-operation operation and exchange of information between competent national authorities, ECB, the European Commission and EUROPOL in combatting counterfeiting,, in strategic analyses, scientific support and training
19 Thank you for your attention!
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