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Home > News and Publications > News Release - Bank of England enters into banknote printing contract with De La Rue
 

News Release - Bank of England enters into banknote printing contract with De La Rue

The Bank of England is announcing that is has today entered into a new 10 year contract with De La Rue to print its banknotes at the Bank’s facility in Debden, Essex.

On 8 September 2014, the Bank announced that De La Rue had been identified as the “preferred bidder” for the banknote printing contract.  The Bank has subsequently completed assurance activity on De La Rue’s bid and finalised the contract.  The final decision to award the contract to De La Rue was taken by the Court of the Bank of England.  This completes the formal public procurement process for the printing of the Bank’s banknotes which began in November 2012. 

Printing under the new contract will commence in April 2015.

Notes to Editors

  1. The Bank of England first outsourced its banknote printing in 2003 which De La Rue won following a tender process.  The minimum term for the current contract ends in March 2015.
  2. De La Rue has been printing banknotes since 1860.
  3. The Bank commenced the formal tender process for the new contract in November 2012 with the publication of a Contract Notice: http://ted.europa.eu/udl?uri=TED:NOTICE:371951-2012:TEXT:EN:HTML
  4. There are over 3 billion Bank of England banknotes in circulation with a face value of £58bn.  Over the 5 years to August 2014, 6.1bn banknotes were printed to meet increasing demand and replace old or withdrawn notes. 
  5. The Bank announced in March 2014 that it had entered into a contract with Innovia Security to supply the polymer material for the next £5 and £10 banknotes.  De La Rue will print the new notes at the Bank’s facility in Debden on this substrate.
  6. More information on Bank of England banknotes can be found at: www.bankofengland.co.uk/banknotes
  7. For further enquiries, please contact the Bank’s Press Office on 020 7601 4411.
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