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Northern Bank
From Wikipedia, the free encyclopedia
Do not confuse with Northern Rock
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This article does not cite any references or sources. (June 2007) Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed. |
| Northern Bank Limited | |
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| Type | Subsidiary of Danske Bank A/S |
| Founded | Belfast, Northern Ireland |
| Headquarters | Belfast, Northern Ireland |
| Key people | Peter Staarup, Chairman, Don Price, CEO |
| Industry | Banking |
| Products | Various banking products |
| Website | www.northernbank.co.uk |
Northern Bank, is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1824. In 1970, the Northern Banking Company Limited amalgamated with the Belfast Banking Company Limited to form what is now known as Northern Bank Limited.
The bank is considered as one of the Big Four in Northern Ireland, and issues its own banknotes. Since 1 March 2005 it has been owned by Danske Bank.
Until 1988, the bank was a subsidiary of the Midland Bank, even sharing Midland's famous Griffin logo. In 1987, the bank's operations in the Republic of Ireland were re-organised under a subsidiary company, called Northern Bank (Ireland) Limited. In 1988, Northern Bank was acquired by National Australia Bank, after which the operations in the Republic of Ireland were renamed National Irish Bank. Northern Bank then introduced a new logo, 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, Danske Bank agreed to acquire Northern Bank (and National Irish Bank) for £967m. Don Price will remain as CEO.
On 1 March, 2005 the sale of Northern Bank to Danske Bank took effect, following regulatory clearance. As part of this process, National Irish Bank in the Republic 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 a centralised contact centre set up to deal with all incoming calls to the branches of both banks, both banks have also adopted a variation of the Danske Bank logo as their corporate identities. This occurred on the 18 of April, 2006 with the bank's website displaying the new logo as early as 14 April and at least one branch being refitted on Easter Sunday, 16 April.
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- See also: Banknotes of the pound sterling
In common with the other Big Four banks of Northern Ireland, the Northern Bank retains the right to issue its own banknotes. These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.
- 5 pound polymer note featuring the U.S. space shuttle
- 10 pound note featuring J. B. Dunlop on the front and the portico of Belfast's city hall on the back
- 20 pound note featuring Harry Ferguson on the front and the portico of Belfast City Hall on the back
- 50 pound note featuring Sir S.C. Davidson on the front and the portico of Belfast City Hall on the back
- 100 pound note featuring Sir James Martin on the front and the portico of Belfast City Hall on the back
Northern Ireland is the only part of the UK to have issued a plastic banknote. This is the Northern Bank's Year 2000 commemorative £5 banknote, which was printed in Australia.
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 different colours and styles, and using the bank's new logo. 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, and are now (former colour in brackets):
- £10 green (brown)
- £20 blue (purple)
- £50 purple (green)
- £100 red (black)
The 'N' monogram logo displayed on these new notes is now itself out of date; the bank's current logo is taken from Northern's new parent company, Danske Bank.
Main article: Northern Bank robbery
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 was also over a million pounds in other currencies. The police and government as well as other major political figures in the United Kingdom and Republic of Ireland accused the Provisional Irish Republican Army of being responsible. While they denied it at the time, it has since become clear that they were, in fact, responsible.
