since jane received her £10 for susan. back then, the bank of england was issuing partly printed notes for completion in manuscript. the £ sign and the first digit were printed but other numerals were added by hand, as were the name of the payee, the cashier ’ s signature, the date and the number. notes could be for uneven amounts – it wasn ’ t until 1745 that notes were part printed with set denominations, with the first £10 issued only 18 years before austen ’ s birth. you can see an example of a note that austen may have received on the screen behind me. remarkably, the new £10 is not the first banknote on which the austen name has appeared. that award must go to jane ’ s brother henry. henry was, for a time, a banker, with interests in hampshire and london. in the austens ’ times, many banks were small and local, and could issue their own banknotes. and so it was with henry. the british museum holds a £10 note from henry austen ’ s bank in alton. the images of people on bank of england banknotes are a recent addition. the monarch did not generally appear prior to 1960 and it was another decade until the first character – another great of english literature, william shakespeare – was included. even more unusually, the new £10 joins the £5 in being printed on polymer, rather than paper. polymer marks a major innovation. it is cleaner, safer and stronger. resistant to dirt, moisture and curry. this added strength means notes will remain in good condition for longer, with a lifespan at least two and a half times that of paper notes. when they do reach the end of their useful lives, polymer notes will be recycled. as a result, the costs of producing notes – both economic and environmental – are lower. mansfield park ( 1814 ). http : / / libraryguides. goucher. edu / c. php? g = 242484 & p = 1612598. all speeches are available online at www. bankofengland. co. uk / speeches importantly, the use of polymer also allows the bank to bolster the security features in our banknotes. the new £10 features see - through panels, coloured foils and detailed metallic images. the design of the new £10 makes full use of polymer ’ s potential. it features a portrait of jane austen, taken from an engraving by william home lizars, commissioned in 1870 by her nephew and based on a water

that level of progress has been less apparent on putting in place arrangements for handling and resolving cross - border crises. during that period a number of countries, including the uk, have improved their processes for handling financial crises – including for crises sparked by business continuity events. and there have been a number of exercises and co - ordination initiatives in different regional groups ( for example amongst the nordic countries, dutch and belgian authorities, and more widely across the eu ). but there has been less progress on the wider international front. overall, i do not know anyone who believes that we have established either the common approach to crises or the practical machinery which would enable us to handle a complex cross - border failure with confidence. i would like to make some suggestions tonight on how we might take matters forward. when and how should the state intervene to prevent or manage a financial crisis? of course the underlying questions are very difficult even for one country. financial markets are often volatile and they can only work well if investors and firms expect to live or die by their own decisions and do not come to rely on a safety net to mitigate their losses. to avoid that ‘ moral hazard ’, authorities have tended to be reluctant to spell out in what circumstances and what ways they would gerard caprio and daniela klingebiel, 2003. “ episodes of systemic and borderline financial crises ”, world bank research dataset. http : / / econ. worldbank. org http : / / www. fsforum. org / home / home. html be willing to help support a market or a participant, beyond making clear that it would only be in exceptional circumstances and where it was essential in the wider systemic interest. but the difficulty in spelling out underlying reasons must not become an excuse for lack of analysis and preparation. in order to make cross - border crisis management work, we may have to consider sacrificing some mystery – even if only amongst ourselves – for greater effectiveness. the most recent cases of official emergency liquidity support to uk banks occurred in the early 1990s, when the bank lent to a few small banks in order to prevent wider loss of confidence in the banking system. the memorandum of understanding ( mou ) between the treasury, fsa and bank which sets out our current roles in maintaining financial stability makes clear that decisions on support operations now rest with the chancellor, acting in the light of advice from both the bank and the fsa. following the early 1990s experiences, eddie – now lord george – discussed