05 December, 2016
The Bank of England is in talks with its currency supplier Innovia Security over doing away with the use of animal fat in the new £5 ($6.26) note.
This meant the new fivers were not suitable for vegans, vegetarians, Hindus, Sikhs or Jains.
In a statement it said: "We are aware of some people's concerns about traces of tallow in our new five pound note".
"The Bank has actively followed up with Innovia, who are investigating the matter further, and looking into alternatives, and have committed to keep the Bank informed as to their next steps", continued Ménard.
A spokesperson for the Royal Bank of Scotland said: "We can confirm the Royal Bank of Scotland's new £5 polymer note contains no known animal products", while the Bank of Scotland backed up the confirmation. She said that the firm would never "knowingly add any animal ingredients into our products".
The Bank said the problem "had only just come to light" and it was treating the concerns with "utmost seriousness".
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More than 108,000 people had signed a petition on change.org as of late Wednesday demanding that the bank "cease to use animal products in the production of currency that we have to use".
The five pound notes have proved highly controversial, with vegetarians, vegans and some with strong religious convictions criticising the use of tallow.
The English notes were revealed to contain tallow, a substance normally derived from beef and mutton that can be used to make candles and soap.
Hindus believe cows are holy and sacred, and many do not wear shoes or carry bags made from the skin of cattle that have been slaughtered.
Many vegetarians and vegans have expressed their shock over fat being present in the £5 note.
The £5 note, featuring Sir Winston Churchill, entered circulation in September. The new polymer notes last longer - on average five years compared with two years.