First 'Bollard' signed bank notes issued

Reserve Bank of New Zealand

News Release

Date: 26.06.03

The Reserve Bank today announced that the first bank notes with the signature of Reserve Bank Governor Alan Bollard have been issued for release into general circulation. Dr Bollard was appointed Governor during September 2002.

Two million $5 notes with Dr Bollard's signature have been printed. One hundred thousand were released today and the rest will probably be issued over the next six months. The first two digits of the serial number are 03.

Currency Manager Brian Lang said today "Dr Bollard is the tenth person to sign New Zealand bank notes. The first notes were issued by the Bank in 1934 and were signed by the then Governor, Lesley Lefeaux.

"It's important to note that as of today most $5 notes in circulation still carry former Governor Don Brash's signature, as the new $5 notes issued today are less than 1 per cent out of a total of approximately 17.4 million $5 notes in circulation. Both are legal tender.

"This is the first reprint since 1999 for this denomination. The longer-life of polymer notes means that re-print runs are less frequent. When all New Zealand bank notes were made of paper, a print run was required each year for most denominations to replace notes withdrawn from circulation.

"The full range of notes probably won't all carry Dr Bollard's signature for some time yet," Mr Lang concluded.

For further information contact

Anthea Black
Communications Officer
Ph 04 471-3767
Mob 021 222-5225
blacka@rbnz.govt.nz