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ECB to decide soon on €500 notes
11 Feb 2016 13:01
The European Central Bank will take a decision soon on whether to keep printing €500 banknotes, with the arguments for doing so becoming "less and less convincing", a top-ranking official said today.
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"We're actively considering the question and will take a decision shortly," executive board member Benoit Coeure told the French daily Le Parisien in an interview.
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Authorities increasingly suspect that the notes are being used for illicit purposes, "an argument we cannot ignore given the importance of fighting money laundering and the financing of terrorism," Coeure said.
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Large denomination notes enable criminals to transport large sums of money in small volumes.
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The EU Commission said earlier this month that it planned to consult with the ECB and other parties concerned to decide whether action needed to be taken regarding the €500 note.
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"From my point of view, the arguments in favour of keeping it are less and less convincing," Coeure said, but acknowledged that some people, "notably in Germany" were concerned about the disappearance of payments in cash.
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The €500 bills account for just 3% of the total number of banknotes in circulation, but 28% of the total value, according to ECB statistics.
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Any decision regarding their possible withdrawal would be taken by the ECB's governing council, the 25-member board comprising six executive board members and the 19 central bank governors of the member states.
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