From bonnets to banknotes

Date: 05/10/1995

FOR some, it's a high-brow academic discussion. For others, it will be the final expression of the unity of Europe, binding France and Germany together and forever ending the threat of war.

For De La Rue plc, the single currency is a great business opportunity.

Founded in 1813 by Guernsey-born Huguenot Thomas De La Rue, this Basingstoke-based company has grown from a small bonnet-maker into the world's largest commercial manufacturer of banknotes.

In an area of work still largely monopolised by central banks, De La Rue has clinched 60&percent; of the available market, achieving sales worth 890 million ecu last year.

Having merged with Portals - the world's largest manufacturer of banknote paper - in February, De La Rue now leads paper money from the cradle to the grave.

For Commercial Director Charles Cardiff, the key issue for the single currency will be whether the central banks have time to do the design and printing over three years.

“The speed of the introduction is critical because central-bank printers may not have the capacity to meet the complete demand,” he says.

“If they haven't agreed on everything by the beginning of the three-year period and they have to reach decisions on designs, get them agreed, get the paper made and ready to issue and exchange all the old notes, then it's a pretty tight deadline.”

Cardiff is hoping the central banks will need some expert help.