OREANDA-NEWS. September 23, 2014. Eesti Pank and the other central banks of the euro area will release a new ten-euro banknote into circulation with a new design and security features. Companies need to be sure that they are technically ready so that the new notes can enter circulation smoothly.

“From 23 September the ten-euro notes with their new security features and updated design become legal tender that must be accepted by all merchants and sales equipment. If equipment and devices have not been updated yet, then now is really the last chance. To do this, traders should contact the supplier of their equipment, and if necessary they can get assistance from Eesti Pank,” said Rait Roosve, Head of the Cash and Infrastructure Department at Eesti Pank.

“It is not allowed for anyone to refuse to accept the new note because they do not have an authentication device or because their device is not working, as merchants can check the authenticity of the new ten-euro notes by looking at and feeling the security features on the notes”, he added.

The authenticity of the notes can be checked from the four simple security features: the watermark and the hologrammic stripe with a portrait of Europa, the emerald green number, and the short raised lines on the edge of the note.

Eesti Pank is organising free training for cash handlers in September to demonstrate the security features of the new notes. Around ninety people from various companies and banks attended the training sessions in Tallinn over three days. Other training events are being held in Tartu, Parnu and Narva today and next week All companies that use cash during their day-to-day operations are welcome to attend the seminars. The programme and registration details for the seminars can be found in Estonian on the Eesti Pank website http://www.eestipank.ee/sularaha/uusi-europangatahti-tutvustav-loengusari.

Five and ten-euro banknotes of the first series will continue to be valid for payment, and there is no limit on when they can be exchanged at the central bank. They will gradually be withdrawn from circulation and eventually they will cease to be legal tender. An announcement about this will be made well in advance.

The interactive materials on the website http://www.new-euro-banknotes.eu/ can be used to get a thorough understanding of the security features.

Suppliers of sales equipment and cash-handling devices should contact Eesti Pank to get the samples of the new notes needed for updating the machinery by emailing info@eestipank.ee or by calling 668 0719.

In June the European Central Bank sent out a brochure on on the security features of the new ten-euro banknote by direct mail to companies operating in Estonia. The brochure reached around 9000 companies.

The publications intended for cash handlers are being distributed by Eesti Pank through its partners. Additional copies can be ordered from Eesti Pank by email from info [at] eestipank [dot] ee. The training seminars and the publication are both free.