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44-735: Northern Bank Limited , trading as Danske Bank , is a retail bank in Northern Ireland. Northern Banking Company Limited was formed from a private bank, with the Deed of Partnership being signed on 1 August 1824. It is one of the oldest banks in Ireland with its private banking history dating back to 1809, and forms part of one of the Big Four banks in Ireland. Northern Bank took on the name of its parent company Danske Bank as its trading name in November 2012. It

88-580: A Joint Stock bank called The Northern Banking Company Limited. The bank expanded across Ireland, opening its first branch in the south in 1840. On 1 January 1929 the name of the bank was changed from Northern Banking Company Limited to Northern Bank Limited. In 1965, the Northern Bank Limited was acquired by the Midland Bank , a London-based bank which had acquired the Belfast Bank in 1917. In 1970,

132-522: A centralised contact centre set up to deal with all incoming calls to the branches of both banks. From April 2006 the two banks also adopted new corporate identities which were based on a variation of the Danske Bank logo. On 1 June 2012, brand separation between Northern Bank and National Irish Bank was also reversed, with the two banks merged under the Northern Bank management team. On 19 November 2012

176-510: A local currency that is pegged to the U.S. dollar or the New Zealand dollar . The Sovereign Base Areas of Akrotiri and Dhekelia (in Cyprus ) use the euro. Since decimalisation on Decimal Day in 1971, the pound has been divided into 100 pence (denoted on coinage, until 1981, as "new pence"). The symbol for the penny is "p"; hence an amount such as 50p (£0.50) properly pronounced "fifty pence"

220-654: A newly formed company called Northern Bank (Ireland) Limited . Midland Bank ran into severe financial difficulty as a result of its 1981 acquisition of Crocker National Bank in the US and was forced to divest itself of assets to restore stability. In 1988, Midland sold off its subsidiaries, namely the Clydesdale Bank in Scotland, Northern Bank Limited and Northern Bank (Ireland) Limited, all of which were acquired by National Australia Bank . After this, Northern Bank (Ireland) Limited

264-399: A penny", "two and a penny", etc. 5 shillings, for example, was written as "5 s ." or, more commonly, "5/–" (five shillings, no pence). Various coin denominations had, and in some cases continue to have, special names, such as florin (2/–), crown (5/–), half crown (2/6 d ), farthing ( 1 ⁄ 4 d ), sovereign (£1) and guinea (21s, 21/–, £1–1–0 or £1.05 in decimal notation). By

308-486: A revised main portrait of inventor John Dunlop. In a change, the polymer note will also include an image of Mr Dunlop's son. The notes come into circulation on 27 February 2019. Meanwhile a 20 Pound note is issued. On 20 December 2004 the cash centre at the bank's headquarters in Belfast was raided, and £26.5 million stolen. Most of this consisted of uncirculated Northern Bank notes, as well as millions in used notes. There

352-641: A special commemorative £5 note was issued by the Northern Bank to mark the Year 2000 . Uniquely among sterling notes, this was a vertical polymer banknote , printed by the Canadian Bank Note Company (CBN) on Australian synthetic polymer substrate instead of paper, making Northern Ireland the only part of the UK to have issued a plastic banknote prior to Scotland & England issuing the £5 polymer notes in Autumn 2016. It

396-541: Is Managing Director, Great Britain. Stephen Matchett is Deputy CEO & Chief Financial Officer. In common with the other Big Four retail banks of Northern Ireland, Northern Bank trading as Danske Bank continues to issue its own banknotes, a practice which was abolished in England and Wales in the early Twentieth Century. Northern Bank trading as Danske Bank notes are pound sterling notes and equal in value to Bank of England notes and should not be confused with banknotes of

440-745: Is a leading bank in Northern Ireland and a growing bank in Great Britain. In Northern Ireland, the Bank issues its own banknotes. Danske Bank is a standalone business unit within the Danske Bank Group and operates under a UK banking licence. A private Northern Bank was founded in Belfast in 1809 as the Northern Banking Partnership. Those partners were Belfast merchants John Hamilton, Hugh Montgomery, James Orr and John Sloan. On 1 August 1824 it became

484-576: Is also distinguished from investment banking or commercial banking . It may also refer to a division or department of a bank which deals with individual customers. In the U.S., the term commercial bank is used for a normal bank to distinguish it from an investment bank . After the Great Depression , the Glass–Steagall Act restricted normal banks to banking activities, and investment banks to capital market activities. That distinction

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528-417: Is often pronounced "fifty pee" /fɪfti piː/. The old sign d was not reused for the new penny in order to avoid confusion between the two units. A decimal halfpenny ( ⁠ 1 / 2 ⁠ p, worth 1.2 old pennies) was issued until 1984 but was withdrawn due to inflation . Before decimalisation in 1971 , the pound was divided into 20 shillings , and each shilling into 12 pence , making 240 pence to

572-501: Is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England; their governments guarantee convertibility at par . Historically, sterling was also used to varying degrees by the colonies and territories of the British Empire . There are various theories regarding

616-561: Is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £ ) is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling . Sterling is the world's oldest currency in continuous use since its inception. In 2022, it

660-414: Is the only one of the bank's pre-2004 notes still in circulation; all others were recalled following the 2004 robbery. As promissory notes , the current issue of the banknotes bear the inscription below the Danske Bank logo, "a trading name of Northern Bank Limited which promises to pay the bearer on demand", followed by the monetary value of the note. Most Northern Bank banknotes feature an illustration on

704-518: The 'Northern' logo; after reissue, the N monogram was presented as a free-standing hexagonal graphic above the new italic Northern logo. After the Danske rebrand, Northern branding has been replaced with the Danske Bank logo on notes issued after 2013. On 6 November 2018, Danske Bank announced the launch of a new polymer £10 banknote. The new note keeps the base design concept of the existing paper note but with subtle colour and feature upgrades - including

748-657: The 1950s, coins of Kings George III , George IV and William IV had disappeared from circulation, but coins (at least the penny) bearing the head of every British monarch from Queen Victoria onwards could be found in circulation. Silver coins were replaced by those in cupro-nickel in 1947, and by the 1960s the silver coins were rarely seen. Silver/cupro-nickel sixpences, shillings (from any period after 1816) and florins (2 shillings) remained legal tender after decimalisation (as 2½p, 5p and 10p respectively) until 1980, 1990 and 1993 respectively, but are now officially demonetised. The pound sterling emerged after

792-469: The Bank of England has exclusively used the single bar variant since 1975. Historically, a simple capital L (in the historic black-letter typeface, L {\displaystyle {\mathfrak {L}}} ) placed before the numerals, or an italic l. after them, was used in newspapers, books and letters. The Royal Mint was still using this style of notation as late as 1939. The glyphs Ł and Ⱡ may occasionally be encountered. Use of

836-468: The Danske Bank brand name. In 2008, Northern Bank embarked on a £3m investment programme to upgrade facilities at three of its Northern Ireland branches. As of September 2021, Vicky Davies is the CEO of Danske Bank UK. The bank is organised into three business divisions. Shaun McAnee is Managing Director of Corporate & Business Banking. Aisling Press is Managing Director of Personal Banking. Richard Caldwell

880-453: The League's money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", which was contracted to "'sterling". The OED dismisses this theory as unlikely, since the stressed first syllable would not have been elided. Encyclopædia Britannica states that the (pre-Norman) Anglo-Saxon kingdoms had silver coins called sterlings and that

924-563: The Midland's two Northern Ireland subsidiaries were merged with the name of the merged bank continuing as Northern Bank Limited. Under Midland's ownership, Northern Bank shared its parent company's branding and the Griffin logo . In 1986, Midland re-organised its British and Irish operations, and as part of this process it separated its Northern Bank branches in the Republic of Ireland and transferred into

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968-469: The Northern Bank name; otherwise the designs remain identical to the previous issue. The phrase 'a trading name of Northern Bank Limited' is now in place after Danske Bank. Older banknotes bearing the Northern Bank name are still in circulation and continue to be acceptable for payments as they are gradually withdrawn. Danske Bank has also ceased issue of £50 and £100 notes and will in future only print £10 and £20 notes. Danske Bank does not issue £5 notes, but

1012-498: The Roman libra , solidus , and denarius . Notable style guides recommend that the pound sign be used without any abbreviation or qualification to indicate sterling (e.g., £12,000). The ISO 4217 code "GBP" (e.g., GBP 12,000) may also be seen should disambiguation become necessary. The ISO 4217 currency code for sterling is "GBP", formed from the ISO 3166-1 alpha-2 code for

1056-640: The United Kingdom ("GB") and the first letter of "pound". In historical sources and some specialist banking uses, the abbreviation stg (in various styles) has been used to indicate sterling. Many stocks on the London Stock Exchange are quoted in penny sterling, using the unofficial code "GBX". The exchange rate of sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets . The origins of this term are attributed to

1100-531: The adoption of the Carolingian monetary system in England c.  800 . Here is a summary of changes to its value in terms of silver or gold until 1816. The pound was a unit of account in Anglo-Saxon England . By the ninth century it was equal to 240 silver pence . The accounting system of dividing one pound into twenty shillings , a shilling into twelve pence, and a penny into four farthings

1144-524: The bank formally dropped its Northern Bank name and began trading as Danske Bank . The first Danish branding was unveiled with new signage at the company's head office in Donegall Square . Since the rebrand, cheques and banknotes issued by the bank bear the legend "Danske Bank is a trading name of Northern Bank Limited". Northern Bank trading as Danske Bank continues to issue pound sterling banknotes in Northern Ireland, and notes issued since 2013 now bear

1188-474: The common phrase "quids in"). Its origin is unknown: possible derivations include scudo , the name for a number of currency units used in Italy until the 19th century, introduced by Italian immigrants; or from Latin quid via the common phrase quid pro quo , literally, "what for what", or, figuratively, "An equal exchange or substitution". The term "nicker" (also both singular and plural) may also refer to

1232-464: The compound noun pound sterling was derived from a pound (weight) of these sterlings. The English word pound derives from the Latin expression lībra pondō , in which lībra is a noun meaning 'pound' and pondō is a noun, in the ablative case , meaning 'by weight'. The currency sign for the pound unit of sterling is £ , which (depending on typeface) may be drawn with one or two bars :

1276-430: The fact that from the mid-19th century, the sterling/dollar exchange rate was transmitted via transatlantic cable. Historically almost every British coin had a widely recognised nickname, such as "tanner" for the sixpence and "bob" for the shilling . Since decimalisation these have mostly fallen out of use except as parts of proverbs. A common slang term for the pound unit is " quid " (singular and plural, except in

1320-704: The former Irish pound , a separate currency which was replaced by the Euro in the Republic of Ireland in 2002; nor should Northern Bank trading as Danske Bank notes be confused with banknotes of the Danish Krone issued by the Danish National Bank , in spite of the Danish name of the issuing bank. Following the acquisition of Northern Bank by Danske Bank, banknotes issued since June 2013 now bear Danske Bank branding in place of

1364-487: The letter ⟨L⟩ for pound derives from medieval Latin documents: "L" was the abbreviation for libra , the Roman pound (weight), which in time became an English unit of weight defined as the tower pound . A "pound sterling" was literally a tower pound (weight) of sterling silver . In the British pre-decimal ( duodecimal ) currency system, the term £sd (or Lsd) for pounds, shillings and pence referred to

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1408-576: The origin of the word "sterling". The Oxford English Dictionary states that the "most plausible" etymology is a derivation from the Old English steorra for "star" with the added diminutive suffix -ling , to yield "little star". The reference is to the silver penny used in Norman England in the twelfth century, which bore a small star. Another theory holds that the Hanseatic League

1452-536: The pound. The currency of all the Crown Dependencies ( Guernsey , Jersey , Isle of Man ) and a third of British Overseas Territories ( British Antarctic Territory ; Falkland Islands and South Georgia and the South Sandwich Islands ; Gibraltar ; and Saint Helena, Ascension and Tristan da Cunha ) is either sterling or pegged to sterling at par. The other British Overseas Territories have

1496-594: The pound. The symbol for the shilling was " s ." – not from the first letter of "shilling", but from the Latin solidus . The symbol for the penny was " d .", from the French denier , from the Latin denarius (the solidus and denarius were Roman coins). A mixed sum of shillings and pence, such as 3 shillings and 6 pence, was written as "3/6" or "3 s . 6 d ." and spoken as "three and six" or "three and sixpence" except for "1/1", "2/1" etc., which were spoken as "one and

1540-513: The reign of King Offa of Mercia (757–796), who introduced a "sterling" coin made by physically dividing a Tower pound (5,400 grains, 349.9 grams) of silver into 240 parts. In practice, the weights of the coins were not consistent, 240 of them seldom added up to a full pound; there were no shilling or pound coins and these units were used only as an accounting convenience . Halfpennies and farthings worth 1 ⁄ 2 and 1 ⁄ 4 penny respectively were also minted, but small change

1584-418: The reverse side of the portico of Belfast City Hall , sculpted by F. W. Pomeroy . The front of most notes depict a range of notable people associated with industry in Northern Ireland. The designs currently in circulation are: Following the £26.5 million robbery in 2004 (see below), Northern Bank announced on 7 January 2005 that all its notes were to be recalled and reissued in revised designs and using

1628-587: The two banks marked National Australia Bank's exit from the Irish banking markets. Don Price remained as CEO, but was later replaced by Gerry Mallon in June 2008. The acquisition was completed in 2005 and Danske Bank invested approximately £100m in Northern Bank. As part of this process, National Irish Bank was separated from the Northern Bank and given its own dedicated management team. Both Northern & National Irish Bank also migrated over to Danske Bank's technology platform with

1672-412: The updated Northern Bank logo already used at the 10 pound note dated 2004. The reissue began on 14 March 2005 and was scheduled to take one month; old notes remain exchangeable at branches of Northern Bank. The principal colours of Northern Bank notes of greater than £5 face value were changed with the 2005 reissue: On the older notes, the bank's N symbol was enclosed in a vertical rectangular bar above

1716-463: Was adopted from the livre carolingienne system introduced by Charlemagne to the Frankish Empire . The penny was abbreviated to "d", from denarius , the Roman equivalent of the penny; the shilling to "s" from solidus (written with a long s , ſ , later evolving into a simple slash , / ); and the pound to "L" (subsequently £ ) from Libra or Livre . The origins of sterling lie in

1760-644: Was also over a million pounds in other currencies. The police and government as well as other major political figures in both Ireland and the United Kingdom accused the Provisional Irish Republican Army of being responsible. On 9 October 2008 the trial of the only man to be charged with the robbery collapsed when Chris Ward, 26, was found not guilty. Retail bank Banking services which are regarded as retail include provision of savings and transactional accounts , mortgages , personal loans , debit cards , and credit cards . Retail banking

1804-546: Was renamed National Irish Bank . The Northern Bank brand name continued in Northern Ireland, but a new logo was introduced, a stylised "N" in a hexagon shape. In 2002, the bank's logotype (the word "Northern") was changed to match that of the National Australia Bank. In December 2004, the Denmark-based Danske Bank Group agreed to acquire Northern Bank and National Irish Bank for £967m. The sale of

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1848-930: Was repealed in the 1990s. Commercial bank can also refer to a bank or a division of a bank that deals mostly with deposits and loans from corporations or large businesses, as opposed to individual members of the public (retail banking). Typical banking services offered by retail banks include: In some countries, such as the U.S., retail bank services also include more specialised accounts, such as: Pound sterling King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee Sterling ( ISO code : GBP )

1892-521: Was the fourth-most-traded currency in the foreign exchange market , after the United States dollar , the euro , and the Japanese yen . Together with those three currencies and the renminbi , it forms the basket of currencies that calculate the value of IMF special drawing rights . As of late 2022, sterling is also the fourth most-held reserve currency in global reserves . The Bank of England

1936-563: Was the origin of its definition, manufacture, and name: the German name for the Baltic is Ostsee ( ' East Sea ' ) and from this the Baltic merchants were called Osterlings ( ' Easterlings ' ). In 1260, Henry III granted them a charter of protection and land for their kontor , the Steelyard of London , which by the 1340s was also called Esterlingeshalle ( ' Easterlings Hall ' ). Because

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