Bank of England Reports Lower Scottish and Northern Ireland Banknote Backing Requirement

The Bank of England has reported that the Scottish and Northern Ireland banknote backing requirement has decreased to £7.89 billion at end-February 2026 from £7.97 billion a year earlier.

According to the data, Scottish banks have a total note backing requirement of £5.04 billion, while Northern Irish banks have a requirement of £2.84 billion.

The combined note backing requirement for the six authorised commercial banks has fallen from £7.97 billion in 2025 to £7.89 billion at end-February 2026.

The Bank of England reports that overall compliance remains satisfactory, with no serious or underbacking failures recorded during the 12 months to end-February 2026.