ANNUAL REPORT 2008 - Polymer Bank Notes of the World

anknotes to be read and processed irrespectiveof the way in which they are fed into the machine.In time NCBs will introduce these improvementsfree of charge, as foreseen in the roadmap.THE SECOND SERIES OF EURO BANKNOTESIn 2005 the ECB started work on thedevelopment of a new series of euro banknotes.The functional and technical requirementswere established and the security features tobe included in the new series of banknoteswere developed. In 2008 work focused on thefurther development of the design and securityfeatures of the banknotes and the integrationof the security features into the design. Thedevelopment of the origination materials, themaster materials used for banknote production,also started in 2008.The design of the second series of euro banknoteswill be based on the “ages and styles of Europe”theme and will include the most important designelements from the first series of banknotes. Asthe design and development of the originationmaterials is an iterative process, this workwill continue in 2009. All major stakeholdersinvolved in the cash cycle are being consultedand kept informed of the progress made duringthe development process. The new series willbe launched over a period of several years, withthe first denomination expected to be issued in afew years’ time. The exact launch date will bedetermined at a later stage. The ECB will informthe public well in advance about the modalitiesof the introduction of the new banknotes. TheNCBs will redeem euro banknotes from the firstseries for an unlimited period of time.122 ECBAnnual Report2008