Threadneedle Street, Debden, Leeds
Interns and First Degree Graduates
Notes Directorate is responsible for ensuring public confidence in the availability, quality and security of the currency. With staff across Threadneedle Street, Debden and Leeds sites, we rely on expertise in a wide range of diverse fields.
Responsibilities include designing state of the art counterfeit resilient banknotes, forecasting how many notes to have printed, distributing notes to where they are needed, working with the cash industry to ensure that notes in circulation are of good quality and that counterfeits are removed from circulation and destroying notes at the end of their life.
Notes Directorate fulfils the Bank's obligations as the sole issuer of banknotes in England and Wales. The Directorate is also responsible for monitoring banknote issuers in Scotland and Northern Ireland’s compliance with legislative requirements relating to noteholder protection.
What big issues might I be working on?
Almost everyone in the UK relies on Bank of England notes. In fulfilling our important and highly visible public role, of maintaining confidence in the currency, it is important that we ensure:
•The right note - the public has access to genuine, high-quality banknotes of a range of denominations
•The right place - a well-run cash industry exists to supply banknotes cost effectively across the country
•The right time - the Note Circulation Scheme (NCS) ensures peaks in public banknote demand (e.g. Christmas) are met consistently
Your role in Notes will contribute to achieving the objectives above . Big issues that could affect your work include significant events such as new note launches and withdrawals as well as changes in the way that the public use cash – potentially driven by innovation in alternative payment methods (e.g. mobile payments).
What sort of things could I do here?
New Graduates in Notes work primarily with the Operational Policy, Future of Money, Scottish and Northern Irish and/or Banknote Education teams based at Threadneedle Street. You may be involved with:
- Forecasting short and long term note demand using historical and forecast data
- Identifying and monitoring trends and innovation in banknote use and payment technology in order to assess the implication on future demand
- Assessing future note printing and storage requirements to ensure that we hold sufficient stock to meet demand
- Enhancing existing forecasting models to ensure that they remain accurate and robust
- Identifying risks that could disrupt note distribution (e.g. contactless payments) and working with the industry to ensure that these are appropriately addressed
What could I be doing day-to-day?
- Graduates in Notes may be involved in the following:
- Analysing data to determine whether or not policy changes are required
- Analysing how note demand might change in the future and recommending policy decisions to the Chief Cashier
- External relationship management with NCS members on operational issues
- Reviewing requests from NCS members for new notes
- Monitoring stock levels across the industry to ensure that notes are being utilised effectively whilst maintaining an ability
- Monitoring results of the testing of samples of banknotes notes, establishing plans to address issues identified