Tuesday, October 19, 1999 Published at 04:27 GMT 05:27 UK

The #50bn millennium kitty

Cashpoints will be under pressure over the holiday period

Up to #50bn in banknotes will be available in the UK over the millennium period as banks attempt to avoid the nationwide spectre of barren cash machines.

The banks are doubling the money normally available, in case cashpoints are drained dry by New Year party-goers and those worried about the Millennium Bug's effect on their bank accounts.

The Bank of England has printed more #10 and #20 notes and stopped the regular destruction of older #20 notes, ensuring a total of #30bn.

Although high street banks do not expect to need any more than that, they are making a further #20bn contingency pool available from their reserves and other sources.

Extended holiday

The Bank of England always puts more cash into circulation around Christmas and New Year, to cope with the extended public holiday period.

The Christmas period last year saw just below #28bn worth of notes in circulation.

The millennium period includes two extended holiday weekends, when banks will be shut and people will be spending more cash.

A Bank of England spokeswoman said: "We decided it would be sensible to provide above the expected seasonal level, just in case."

Figures were made available in the Bank of England's sixth report on the financial sector's preparations for the Year 2000, known as the Blue Book.

-- Old Git (anon@spamproblems.com), October 20, 1999