The role of the Chairman of the Currency Board was held by the Accountant General, also known as the Auditor General, of the Government of Cyprus. The Board could issue notes and coins, initially denominated in the Cypriot pound, shillings and piastres, and later, following decimalization, in Cyprus pounds and mils. However, the local currency was pegged at one Cyprus pound to one pound sterling meaning ultimate fiscal control still rested with the Bank of England in London and the Government of the United Kingdom. This link was maintained by the requirement that for every Cyprus pound issued by the Currency Board in Cyprus, one pound sterling issued by the Bank of England had to be deposited by the Government of Cyprus with the Crown Agents in London.