Author Topic: The £100 note.  (Read 4953 times)

Offline danrok

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Re: The £100 note.
« Reply #15 on: November 04, 2011, 07:51:11 AM »
I believe the cost is £250K, and if the order was cancelled then it would still cost £50K.

Ozouf claims that somehow, or other, printing these notes will make the treasury a profit.  I'd be interested to see the exact detail on that, because printing ANY bank note makes some profit for the treasury.  So, what is the difference?

But, the point is that he acts as if he is CEO of Jersey Ltd., and just goes ahead and does this in full arrogance, and without any authority.

He should be sacked for spending £250K without proper debate, and approval.

Offline Chevalier Blanc

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Re: The £100 note.
« Reply #16 on: November 04, 2011, 04:44:46 PM »
Yep!  £50.000 on the £100 note without a blink or asking anybody else then the States cut out the after school holiday service. Once again they have proved that they do not care anything for the local people who are working all sorts of hours to keep there head above water, now what do they do when the school holidays come round?
ozouf must be stopped!!!  He should be removed from any minister job. The next elections cannot come around soon enough. Trouble is how much damage is this clown going to do in the next 3 years.

Online boatyboy

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Re: The £100 note.
« Reply #17 on: November 04, 2011, 09:50:55 PM »

I think ole Razzy means " there"however going back to the ( not needed ) £100 note my calculator tells me that collecters would need to purchase 2,500 at £100 to get to Qtr million spondooleys.

I agree with danrok if it is such a good and sound money making idea, then Phillip Ozouf will have pleasure in  silencing the sceptics by using the new freedom of information law to publish a balance sheet showing costs and profit and all the details of his money making plan.

One final small detail, the money in your purse of pocket was given in enchange for goods, services or benefits. You and I did not actually buy the physical notes. My point being the profit must only come from collecters as the treasury pays to have currency made,  it is just a tool provided by Government, have I got this wrong ?

BB

Offline danrok

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Re: The £100 note.
« Reply #18 on: November 04, 2011, 10:06:30 PM »
The revenue comes from the banks.  When they order fresh notes from the Treasury, they must pay for them, e.g. exchange 1no. worn £5 note for a new one, plus a fee.  That applies to all notes, not just this £100 note.

I don't know the exact margins, but it is a small margin, and is not an instant profit.

The question is will the Treasury make a larger gross profit next year, on supplying bank notes, due to this £100 note?  It would have to be substantial, in order to justify a £256,000 out lay.

If I had that money to invest, I would be investing it elsewhere.  The return is small, over a long period.

All good news for criminals who only do cash transactions!

See the 500 euro note: http://en.wikipedia.org/wiki/500_euro_note#Crime
« Last Edit: November 04, 2011, 10:13:46 PM by danrok »

Offline man in the street

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Re: The £100 note.
« Reply #19 on: November 04, 2011, 10:21:58 PM »
 any coin or banknote, that is in a collectors  safe or  box, is  no longer going round our economy .
 yes  from the sale  money comes back, unless it  is used as gifts to  smooth the way of  official visits , ie . india  china ect , or thank you for your service, heres some jersey bank notes , to remind  you of your  time in jersey.
 not like the  twenty , that i had over  for food that goes into a pay packet to , spend  on  some thing  and , round it goes .
 till it goes on foreign exchange to dissapper for ever , our  taken away by a  outside contractor .
 this is how i see it.(could be wrong )
 

Offline danrok

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Re: The £100 note.
« Reply #20 on: November 04, 2011, 10:26:54 PM »
I think ole Razzy means " there"however going back to the ( not needed ) £100 note my calculator tells me that collecters would need to purchase 2,500 at £100 to get to Qtr million spondooleys.

The £256K is not the face value of the notes, but the production costs.

http://www.ozouf.je/2011/11/response-to-jep-article-re-100-not/

See this link in particular: http://www.ozouf.je/wp-content/uploads/2011/11/Breakeven-calculation-%C2%A3100-note.xls

Offline danrok

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Re: The £100 note.
« Reply #21 on: November 04, 2011, 10:31:03 PM »
any coin or banknote, that is in a collectors  safe or  box, is  no longer going round our economy .
 yes  from the sale  money comes back, unless it  is used as gifts to  smooth the way of  official visits , ie . india  china ect , or thank you for your service, heres some jersey bank notes , to remind  you of your  time in jersey.
 not like the  twenty , that i had over  for food that goes into a pay packet to , spend  on  some thing  and , round it goes .
 till it goes on foreign exchange to dissapper for ever , our  taken away by a  outside contractor .
 this is how i see it.(could be wrong )

I think this is one reason why our bank notes eventually expire, and are replaced with new designs.

All those lost notes, notes in collectors possession, etc. cease to be valid currency.

Potentially an expired note is worthless, unless it is rare and in mint condition.

ole razzy

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Re: The £100 note.
« Reply #22 on: November 05, 2011, 01:01:35 AM »
I had a summer job when i was a student about 20 years ago. I was paid to shred money in the basement vaults of the treasury. Its quite a crazy job. If I remember rightly I think the average life expectancy of a pound note is just 6 weeks. New notes are distributed through the banks weekly. One cant help but try to figure out a way to do a brinks matt.  ::)

Offline ageofaquarius

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Re: The £100 note.
« Reply #23 on: November 05, 2011, 03:09:11 AM »
Ok Razzy don't rub it in you lucky sod.  8)

ole razzy

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Re: The £100 note.
« Reply #24 on: November 05, 2011, 04:37:49 AM »
There was no way you could trouser a penny what with all the cameras, locked cages, and the way the machine stripped the metal from the notes providing a totally acurate reading of the money shredded. There was one way though. But you'd have to land a chopper on the parade packed with an armed squad of heavy duty crims at the moment the delivery van turned up with the new notes and hope the feds were on parking duty.

I wasn't lucky AoA. Was just a poor kid with a shit job and no money. And a wild imagination fuelled by Hollywood.  ;)
« Last Edit: November 05, 2011, 04:39:36 AM by ole razzy »

Offline ageofaquarius

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Re: The £100 note.
« Reply #25 on: November 05, 2011, 05:37:31 AM »
I meant you living it up in Spain  :P