Bermuda's newly-redesigned bank notes are set to hit the streets today, with the new notes available in all of the banks' branches Island-wide.

The Bank of Bermuda, Bermuda Commercial Bank, Butterfield Bank, Capital G and First Bermuda Savings and Loans have all been working together with the Bermuda Monetary Authority (BMA) to ensure the distribution of Bermuda's new bank notes runs smoothly.

The BMA's launch of the new notes represents the first complete redesign of the Bermuda bank note since the Bermuda dollar was issued by Government in 1970. The redesign not only commemorates Bermuda's 400th anniversary and the BMA's 40th anniversary, but is an opportunity to refresh the design and layout of the Island's currency and to implement state-of-the-art and modern security features to combat counterfeiting and money laundering.

The distribution of the new bank notes has involved extensive consultation with all stakeholders, including the banks, as well as a widespread public awareness campaign to ensure the community and key stakeholders are familiar with the new series and prepared for the launch.

Banks have been busy recalibrating ATMs, money sorters and counters and updating and informing their staff on the bank notes new design and security features.

Chairman of the Bermuda Bankers Association and the Bank of Bermuda's CEO, Philip Butterfield, said the redesign and distribution of Bermuda's new bank notes was an occasion the whole community could celebrate.

"We applaud the Bermuda Monetary Authority on their efforts and success in issuing these new bank notes," he said.

"The new bank notes distribution process has been collaborative and informative and is a clear example of what can be achieved when we work together as a community. I look forward to receiving and using my first new Bermuda bank note."

Alan Thompson, president and CEO of Butterfield Bank also congratulated the BMA on their achievement.

"The BMA, and indeed all Island residents, can be very proud of the new series of bank notes," he said.

"The artwork on the bills is a beautiful representation of Bermuda's flora and fauna, and the bills' world-class security features are befitting of the currency of a well respected and well regulated financial jurisdiction."

John Kephart, president and CEO of Capital G Bank echoed their sentiments.

"We are pleased to have been able to work collectively with our fellow banking institutions as well as the Bermuda Monetary Authority in the development and issuance of the historic new Bermuda bank note," he said.

"The formation of the Bermuda Bankers Association and the initiatives accomplished to date are a clear example of Bermuda's strength and future sustainability as a first class financial and business centre."

Horst Finkbeiner, chief operating officer of Bermuda Commercial Bank, said: "These new bank notes not only feature advanced security but their design also reflects the colour and spirit of Bermuda. We join our colleagues in the Bermuda Bankers Association in congratulating the Bermuda Monetary Authority for their work in this new currency."

Jeffrey Conyers, CEO of First Bermuda Group Ltd., added: "We congratulate the BMA and their advisors in incorporating such an excellent balance of good taste, colour and the nuances of the Bermuda way of life into the production of the new Bermuda currency note series.

"The advanced security features utilised in the design of these notes highlights Bermuda's integrity as a leading financial jurisdiction. We are proud to have assisted the BMA with this new currency issue."

Matthew Elderfield, CEO of the BMA, expressed the Authority's gratitude to everyone who collaborated on the initiative.

"We would like to thank the banks for providing support to the BMA's working group charged with considering and addressing the technical and practical matters associated with the issue of the new bank note," he said.

"Given that this is the BMA's 40th anniversary year and the 400th anniversary of the settlement of Bermuda, the working group is a excellent example of the type of partnerships that have made, and continue to make Bermuda a success."