Northern Bank
Encyclopedia
Northern Bank is a commercial bank
in Northern Ireland
. It is one of the oldest banks in Ireland
having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres. It is also one of the four commercial banks which are permitted to issue their own banknotes in Northern Ireland.
Since 1 March 2005 Northern Bank has been owned by Danske Bank
.
In 1970, the Northern Banking Company Limited amalgamated with the Belfast Banking Company Limited to form what is now known as Northern Bank Limited.
Until 1988, the bank was a subsidiary of the Midland Bank
, sharing Midland's branding and the Griffin
logo. In 1986, the bank's operations were re-organised when its operations in the Republic of Ireland
were separated from its Northern Ireland business into a subsidiary company called Northern Bank (Ireland) Limited.
In 1988, both Northern Bank Limited and Northern Bank (Ireland) Limited were acquired by National Australia Bank
, after which the operations in Northern Bank (Ireland) Limited were renamed National Irish Bank
. The Northern Bank brand name continued in Northern Ireland, but a new logo was introduced, 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 remained as CEO, but was later replaced by Gerry Mallon in June 2008.
In 2005 the Danish-based Danske Bank Group acquired the bank and has invested approximately £100m in Northern Bank. As part of this process, National Irish Bank 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 18 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.
In 2008, Northern Bank announced the appointment of Angela McGowan as Chief Economist. Northern Bank also embarked on a £3m investment programme to upgrade facilities at three of its Northern Ireland branches.
Today, Northern Bank remains well positioned and undoubtedly one of the strongest local banks to emerge from the recession. In the last year, the bank has increased its mortgage lending by six per cent and was recently awarded a four star Best Buy award from financial comparison website Moneyfacts for its base rate tracker mortgage.
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
.
Most Northern Bank banknotes feature an illustration on the reverse side of the portico
of Belfast City Hall
, sculpted by F. W. Pomeroy
. The front of most notes depict a range of notable people associated with industry in Northern Ireland. The designs currently in circulation are:
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
.
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):
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
.
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.
On 9 October 2008 the trial of the only man to be charged with the robbery collapsed when Chris Ward, 26, was found not guilty.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
. It is one of the oldest banks in Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres. It is also one of the four commercial banks which are permitted to issue their own banknotes in Northern Ireland.
Since 1 March 2005 Northern Bank has been owned by Danske Bank
Danske Bank
Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....
.
History
The company was founded in Belfast in 1809 as the Northern Banking Partnership. The bank expanded across Ireland, opening its first branch in the south in 1840.In 1970, the Northern Banking Company Limited amalgamated with the Belfast Banking Company Limited to form what is now known as Northern Bank Limited.
Until 1988, the bank was a subsidiary of the Midland Bank
Midland Bank
Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
, sharing Midland's branding and the Griffin
Griffin
The griffin, griffon, or gryphon is a legendary creature with the body of a lion and the head and wings of an eagle...
logo. In 1986, the bank's operations were re-organised when its operations in the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
were separated from its Northern Ireland business into a subsidiary company called Northern Bank (Ireland) Limited.
In 1988, both Northern Bank Limited and Northern Bank (Ireland) Limited were acquired by National Australia Bank
National Australia Bank
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation...
, after which the operations in Northern Bank (Ireland) Limited were renamed National Irish Bank
National Irish Bank
National Irish Bank is a commercial bank in Ireland, one of the traditional Big Four. In December 2004 Danske Bank agreed to purchase National Irish Bank from the National Australia Bank for GB£967m ....
. The Northern Bank brand name continued in Northern Ireland, but a new logo was introduced, 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
Danske Bank
Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....
agreed to acquire Northern Bank (and National Irish Bank) for £967m. Don Price remained as CEO, but was later replaced by Gerry Mallon in June 2008.
In 2005 the Danish-based Danske Bank Group acquired the bank and has invested approximately £100m in Northern Bank. As part of this process, National Irish Bank 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 18 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.
In 2008, Northern Bank announced the appointment of Angela McGowan as Chief Economist. Northern Bank also embarked on a £3m investment programme to upgrade facilities at three of its Northern Ireland branches.
Today, Northern Bank remains well positioned and undoubtedly one of the strongest local banks to emerge from the recession. In the last year, the bank has increased its mortgage lending by six per cent and was recently awarded a four star Best Buy award from financial comparison website Moneyfacts for its base rate tracker mortgage.
Banknotes
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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
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
notes and equal in value to Bank of England notes
Bank of England note issues
The Bank of England, which is now the Central Bank of the United Kingdom, has issued banknotes since 1694. Since 1970, its new series of notes have featured portraits of British historical figures. Of the eight banks authorised to issue banknotes in the UK, only the Bank of England can issue...
, and should not be confused with banknotes of the former Irish pound
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
.
Most Northern Bank banknotes feature an illustration on the reverse side of the portico
Portico
A portico is a porch leading to the entrance of a building, or extended as a colonnade, with a roof structure over a walkway, supported by columns or enclosed by walls...
of Belfast City Hall
Belfast City Hall
Belfast City Hall is the civic building of the Belfast City Council. Located in Donegall Square, Belfast, County Antrim, Northern Ireland, it faces north and effectively divides the commercial and business areas of the city centre.-History:...
, sculpted by F. W. Pomeroy
F. W. Pomeroy
Frederick William Pomeroy RA was a prolific British sculptor of architectural and monumental works.He was born in London, the son of an artist-craftsman. He trained with William Silver Frith at the South London Technical School of Art , where he was also taught by Jules Dalou...
. The front of most notes depict a range of notable people associated with industry in Northern Ireland. The designs currently in circulation are:
- 5 pound polymerPolymerA polymer is a large molecule composed of repeating structural units. These subunits are typically connected by covalent chemical bonds...
note featuring the U.S.United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
space shuttleSpace ShuttleThe Space Shuttle was a manned orbital rocket and spacecraft system operated by NASA on 135 missions from 1981 to 2011. The system combined rocket launch, orbital spacecraft, and re-entry spaceplane with modular add-ons... - 10 pound note featuring J. B. DunlopJohn Boyd DunlopJohn Boyd Dunlop was a Scottish inventor. He was one of the founders of the rubber company that bore his name, Dunlop Pneumatic Tyre Company....
- 20 pound note featuring Harry FergusonHarry FergusonHenry George "Harry" Ferguson was an Irish engineer and inventor who is noted for his role in the development of the modern agricultural tractor, for becoming the first Irishman to build and fly his own aeroplane, and for developing the first four-wheel drive Formula One car, the Ferguson P99...
- 50 pound note featuring Sir Samuel Cleland Davidson, founder of the Belfast Sirocco Works and pioneer of air conditioningAir conditioningAn air conditioner is a home appliance, system, or mechanism designed to dehumidify and extract heat from an area. The cooling is done using a simple refrigeration cycle...
- 100 pound note featuring Sir James Martin, inventor of the aircraft ejector seatEjector seatIn aircraft, an ejection seat is a system designed to rescue the pilot or other crew of an aircraft in an emergency. In most designs, the seat is propelled out of the aircraft by an explosive charge or rocket motor, carrying the pilot with it. The concept of an eject-able escape capsule has also...
,
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
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
2005 reissue
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
Danske Bank
Danske Bank is a Danish bank. The name literally means "Danish Bank" It was founded 5 October 1871 as Den Danske Landmandsbank, Hypothek- og Vexelbank i Kjøbenhavn ....
.
Robbery
On 20 December 2004 the cash centre at the bank's headquarters in BelfastBelfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...
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
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
accused the Provisional Irish Republican Army
Provisional Irish Republican Army
The Provisional Irish Republican Army is an Irish republican paramilitary organisation whose aim was to remove Northern Ireland from the United Kingdom and bring about a socialist republic within a united Ireland by force of arms and political persuasion...
of being responsible.
On 9 October 2008 the trial of the only man to be charged with the robbery collapsed when Chris Ward, 26, was found not guilty.