It is collateral you can hold.
The Giants and Titans are physical notes, permanently held at the Bank. If an issuing bank failed, backing assets could be used to reimburse people holding its genuine notes. One Titan can stand behind a great many £10s and £20s without moving a truckload of paper.
The rule is stricter than simply matching a total. At least 60% of notes already in circulation must be backed by Bank of England notes or UK coin. The rest can also include sterling deposited at the Bank.
See how the backing works →The denominations save space.
A summer party can fund support all year.
The Balsam Centre supports people of every age in Wincanton and nearby Somerset villages, with mental health work including a maternal mental health project. Its 15 September fundraiser had raised £125 plus £25 Gift Aid toward £5,000, with 46 days to go when checked on 31 July.
Support The Balsam Centre →Britain printed emergency money on postage-stamp paper.
Tuesday: how the outbreak of war pushed the Treasury into the note business, and produced the first £1 Bradburys on paper normally used for stamps.