The Bank of England has a monopoly of banknote issuance in England and Wales but, for historic reasons, three banks in Scotland and four banks in Northern Ireland are permitted to issue their own currency but the law requires that the issuing banks hold a sum of Bank of England banknotes (or gold) equivalent to the total value of notes issued. Versions of the pound sterling issued by Crown dependencies and other areas are regulated by their local governments and not by the Bank of England.