ECB plans to abolish 500 euro notes

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MDeen
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ECB plans to abolish 500 euro notes

Postby MDeen » Mon Feb 15, 2016 9:21 am

I think everyone has read it in the news, the ECB is thinking of abolishing the :note-500: note because it would be primarily used for criminal activities. Like stopping using :note-500: notes would stop criminal behaviour :roll:

Luckily the austrian secratery for science, research and economy, Harald Mahrer, is of the opnion that paying in cash should be a constitutional right :mrgreen:
http://www.bloomberg.com/news/articles/ ... ahrer-says

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ART
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Re: ECB plans to abolish 500 euro notes

Postby ART » Sun Feb 28, 2016 10:30 pm

The matter is not the right to pay in cash but only use such notes. The problem is that :note-500: is widely used for the illegal export of currency...
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Re: ECB plans to abolish 500 euro notes

Postby ART » Wed Apr 27, 2016 10:46 pm

"If you lose, you can't win" (Andrea)
"Let's go to see the monsters" (Andrea)
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Re: ECB plans to abolish 500 euro notes

Postby Ewri » Thu Apr 28, 2016 6:11 pm

I want my :note-500: hit. I'm still missing it.

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Re: ECB plans to abolish 500 euro notes

Postby HBoZ » Wed May 04, 2016 8:24 pm

ECB discontinues production, issuance of 500 euro note.

Frankfurt: The European Central Bank said Wednesday it would no longer produce and issue 500 euro banknotes, amid fears the purple-coloured bills were favoured by criminals for money laundering and even terrorist financing.

The ECB “has decided to permanently stop producing the 500 euro banknote and to exclude it from the Europa series, taking into account concerns that this banknote could facilitate illicit activities,” said the bank in a statement following a meeting of its governing council.

The bank would stop issuing the banknotes around the end of 2018, but that those currently in circulation will remain legal tender.

Existing bills can also be exchanged at national central banks of eurozone nations for an unlimited period of time, added the ECB.

According to ECB statistics, the 500-euro bills account for just 3% of the total number of banknotes in circulation, but 28% of the total value.

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Re: ECB plans to abolish 500 euro notes

Postby MDeen » Thu May 05, 2016 3:15 pm

taking into account concerns that this banknote could facilitate illicit activities

What a complete and utter bullshit argument. A :note-200: could also facilitate illicit activities. A :note-100: could also facilitate illicit activities. A :note-50: ... well, you get my drift.

I can only :roll: at the kind of people that take such decisions. They are stupid but I'm afraid that kind of people attracts the same kind and before long you get the most extreme measures that have no effect at all.

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Re: ECB plans to abolish 500 euro notes

Postby tabbs » Mon May 09, 2016 2:26 pm

Funny - hardly anybody actually uses the €500 in everyday life, but when the ECB decides to phase its production out, some people's reaction is a "How dare they ..." Mind you, the existing notes will continue to be legal tender, so people who want to stash them can continue to do so. A few days ago, Yves Mersch (member of the ECB's governing council) wrote an article about the decision and the various "no cash" camps. If you understand German, have a look here: http://www.ecb.europa.eu/press/inter/da ... 05.de.html

Quote: "Dass Kriminelle sich über Mobiltelefone abstimmen, würde niemanden ernsthaft auf die Idee bringen, alle Handys zu verbieten." The fact that criminals communicate using mobile phones would not cause anybody to seriously suggest making cellphones illegal ...

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Re: ECB plans to abolish 500 euro notes

Postby ART » Mon May 09, 2016 5:12 pm

The resistance to change...
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Re: ECB plans to abolish 500 euro notes

Postby Stevo » Sat Jun 25, 2016 1:12 am

I have never seen a €500 note, so it won't affect me if they abolish it!

I'd wouldn't mind a €1 note though, as those one euro coins are cumbersome when you've a few of them in your pocket.

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Re: ECB plans to abolish 500 euro notes

Postby claudio vda » Sat Jun 25, 2016 9:40 am

Stevo wrote:I have never seen a €500 note


I don't use them every day, but it happened to me that I had to transfer big amount of money... and of course in those few cases :note-500: are welcome in order to avoid having a block of notes in your pocket.
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Re: ECB plans to abolish 500 euro notes

Postby dsmithgt2 » Tue Jun 28, 2016 2:37 pm

I've only been in possession of a :note-500: note once in my life. My Confirmation 10 years ago my Grandad handed me one lol. Was chuffed but I've no idea where it went. While cashiering in TK Maxx in Dublin I came across a 500 note in one of the tills and one of my poor colleagues next to me got a 500 note handed to her by a well-oiled tourist who only bought €80 of items. Long story short the till was drained of cash lol

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Re: ECB plans to abolish 500 euro notes

Postby Vunono » Fri Jul 01, 2016 10:31 pm

When I travel abroad I usually take high denominations with me, normally :note-100: and :note-200:. I also took some :note-500: on a trip to southern Africa and had no problem to change them (in Mozambique I used one to change 150€ in meticais, and got :note-50:x7 as change), but last year I took two :note-500: to South America and it was a mistake. In some exchange offices in Ecuador and Colombia they just weren't accepted, and in other ones they lowered the rate to 1/1 against USD 8O Never again, from now on I will take only :note-200: and lower.


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