Designs for the new series of notes were first made public by the Swiss National Bank (SNB) in 2005.

Initially, the central bank planned to put the high-tech bills into circulation by 2010, but this date was put off until later this year.

Now, the Tages-Anzeiger newspaper is reporting that the new money will not see the light of day until at least 2014.

The newspaper says the problem for the delay lies with a paper manufacturer in the canton of Graubünden.

In February, the SNB announced “unexpected technical problems” for delaying the release of the notes for at least a year.

The central bank did not go into details.

But Tages Anzeiger says the problem lies with LandQart, a company based in the Graubünden town of Landquart, which supplies paper to Orell Füssli, a firm that has printed Swiss money for decades.

LandQart, taken over by the Canadian company Fortress in 2006, is apparently having difficulties producing paper of the right quality on a consistent basis, the newspaper says.

The SNB has high demands for notes that meet cutting-edge requirements for security against counterfeiting.

LandQart reportedly provided paper to Germany’s state printer for the production of euros that was defective because a security band “oxidized”.

The German printer is not commenting on the situation.

The Swiss National Bank says the current banknotes “continue to offer a high standard of security and can be produced in sufficient quantities”.

As a result, “the supply of high-quality banknotes is guaranteed at all times”.

No firm date has yet been announced for the introduction of the new notes.