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Sat, May 26 2012
Close to 400 000 fake euro notes seized so far in 2010 – ECB
Counterfeit euro notes on display at a police station in Madrid, March 2005.
Photo: Reuters
Twenty and 50 euro denomination notes continue to be the most counterfeited, the European Central Bank (ECB) said in a report on seizures of fake euro notes in the first half of 2010, a period during which 387 000 counterfeit notes were withdrawn from circulation.
The figure for H1 2010 is 13 per cent less than the number recovered in the previous six months, the ECB said.
In 2009, a total of 860 000 counterfeit euro notes were taken out of circulation. In 2008, the figure was 660 000; in 2007, 561 000 and in 2006, 565 000.
"When compared with the increasing number of genuine euro banknotes in circulation (on average 13.2 billion during the first half of 2010), the proportion of counterfeits remains very low.," the ECB said.
Nevertheless, the Eurosystem – i.e. the European Central Bank (ECB) and the 16 national central banks of the euro area – continues to advise the public to remain alert with regard to the banknotes received in cash transactions.
"Genuine banknotes can be easily recognised using the simple 'FEEL-LOOK-TILT' test described on the euro pages of the ECB’s websitehttp://www.ecb.europa.eu">website> and the websites of the Eurosystem national central banks," the ECB said.
"In case of doubt, however, a suspect banknote should be compared directly with one that is known to be genuine. Anyone who suspects that they may have received a counterfeit should contact either the police or – where national practice allows – the relevant national central bank."
In the first half of 2010, five-euro notes accounted for 0.5 per cent of those seized, 10 euro notes for 1.5 per cent, 20 euro notes for 41.5 per cent, 50 euro notes for 42.5 per cent, 100 euro for 12 per cent, 200 euro notes for 1.5 pre cent and 500 euro notes for 0.5 per cent.
The 20 and 50 euro denominations continue to be the most counterfeited.
During the past six months, the share of counterfeit 20 euro banknotes decreased and the share of 50 euro banknotes increased.
Almost equal numbers of each denomination were recovered during the first half of 2010, together accounting for almost 85 per cent of the total.
The 100 euro banknote is the third most counterfeited denomination at 12 per cent of the total.
More than 98 per cent of counterfeits recovered in the first half of 2010 were found in euro area countries, with only about one per cent being found in EU member states outside the euro area and less than 0.5 per cent being found in other parts of the world.
"The Eurosystem invests considerable effort in ensuring that the public is well informed about how to recognise a counterfeit banknote and, for professional cash-handlers, that banknote-handling and processing machines can reliably identify and withdraw counterfeits from circulation," the ECB said.
The figure for H1 2010 is 13 per cent less than the number recovered in the previous six months, the ECB said.
In 2009, a total of 860 000 counterfeit euro notes were taken out of circulation. In 2008, the figure was 660 000; in 2007, 561 000 and in 2006, 565 000.
"When compared with the increasing number of genuine euro banknotes in circulation (on average 13.2 billion during the first half of 2010), the proportion of counterfeits remains very low.," the ECB said.
Nevertheless, the Eurosystem – i.e. the European Central Bank (ECB) and the 16 national central banks of the euro area – continues to advise the public to remain alert with regard to the banknotes received in cash transactions.
"Genuine banknotes can be easily recognised using the simple 'FEEL-LOOK-TILT' test described on the euro pages of the ECB’s websitehttp://www.ecb.europa.eu">website> and the websites of the Eurosystem national central banks," the ECB said.
"In case of doubt, however, a suspect banknote should be compared directly with one that is known to be genuine. Anyone who suspects that they may have received a counterfeit should contact either the police or – where national practice allows – the relevant national central bank."
In the first half of 2010, five-euro notes accounted for 0.5 per cent of those seized, 10 euro notes for 1.5 per cent, 20 euro notes for 41.5 per cent, 50 euro notes for 42.5 per cent, 100 euro for 12 per cent, 200 euro notes for 1.5 pre cent and 500 euro notes for 0.5 per cent.
The 20 and 50 euro denominations continue to be the most counterfeited.
During the past six months, the share of counterfeit 20 euro banknotes decreased and the share of 50 euro banknotes increased.
Almost equal numbers of each denomination were recovered during the first half of 2010, together accounting for almost 85 per cent of the total.
The 100 euro banknote is the third most counterfeited denomination at 12 per cent of the total.
More than 98 per cent of counterfeits recovered in the first half of 2010 were found in euro area countries, with only about one per cent being found in EU member states outside the euro area and less than 0.5 per cent being found in other parts of the world.
"The Eurosystem invests considerable effort in ensuring that the public is well informed about how to recognise a counterfeit banknote and, for professional cash-handlers, that banknote-handling and processing machines can reliably identify and withdraw counterfeits from circulation," the ECB said.
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