Bank of England Act 1998 (c. 11)

AI Summary of Bank of England Act 1998 (c. 11)

Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 23 April 1998

		Future version	Amendment requiring commencement	Draft proposed change
	Introductory Text
	Part I Constitution, regulation and financial arrangements (ss. 1-9)
	Constitution and regulation (ss. 1-5)
	1. Court of directors
	1A. Power to alter membership of court of directors
	2. Functions of court of directors
	2A. Financial Stability Objective
	2AA. Macro-prudential measures: Article 458 of the capital requirements regulation
	2B. Financial Stability Committee
	2C. Financial Stability Committee: supplemental
	3. Functions to be carried out by non-executive members [Substituted with new ss. 3A-3F]
	3A. Oversight functions of court of directors
	3B. Oversight Committee: procedure
	3C. Reviews
	3D. Publication of reports of performance reviews
	3E. Recommendations resulting from review
	3F. Oversight functions: further provisions
	4. Annual report by the Bank
	5. Custody and use of the seal
	Financial arrangements (ss. 6-8)
	6. Cash ratio deposits
	6A. Bank of England levy
	7. Accounts
	7ZA. Audit: role of Comptroller and Auditor General
	7A. Accounts of companies wholly owned by the Bank
	7B. Reports on Bank activities indemnified by Treasury
	7C. Accounts of Bank companies carrying on activities indemnified by Treasury
	7D. Examination by Comptroller and Auditor General
	7E. Memorandum of understanding
	7F. Review by the Treasury
	7G. Right to obtain documents and information
	7H. Restriction on disclosing information
	8. Payments in lieu of dividends
	Supplementary (s. 9)
	9. Consequential amendments
	Part IA Financial Stability (ss. 9A-9AZ)
	Financial stability strategy of the Bank (s. 9A)
	9A. Financial stability strategy
	Financial Policy Committee of the Bank (ss. 9B-9G)
	9B. Financial Policy Committee
	9C. Objectives of the Financial Policy Committee
	9D. Specification of matters relevant to economic policy
	9E. Recommendations by Treasury
	9F. Other general duties
	9G. Functions of the Financial Policy Committee
	Directions by Financial Policy Committee (ss. 9H-9N)
	9H. Directions to FCA or PRA requiring macro-prudential measures
	9I. Compliance with directions under section 9H
	9J. Revocation of directions under section 9H
	9K. Further provisions about directions under section 9H
	9L. Macro-prudential measures
	9M. Statements of policy by Financial Policy Committee
	9N. Parliamentary control of orders under section 9L
	Recommendations by Financial Policy Committee (ss. 9O-9R)
	9O. Making of recommendations within the Bank
	9P. Recommendations to Treasury
	9Q. Recommendations to FCA and PRA
	9R. Recommendations to other persons
	Explanation (s. 9S)
	9S. Duty to prepare explanation
	Review (s. 9T)
	9T. Duty to review directions and recommendations
	Publication of record of meetings (ss. 9U-9V)
	9U. Publication of record of meetings
	9V. Deferred publication
	Financial stability reports by Financial Policy Committee (s. 9W)
	9W. Financial stability reports by Financial Policy Committee
	Meetings between Governor and Chancellor of the Exchequer (s. 9X)
	9X. Meetings between Governor and Chancellor of the Exchequer
	Power of Bank to require FCA to provide information (ss. 9Y-9Z)
	9Y. Directions requiring information or documents
	9Z. Further provisions about directions under section 9Y
	Supplementary (s. 9ZA)
	9ZA. Interpretation of Part 1A
	Part II Monetary Policy (ss. 10-20)
	Role of the Bank (ss. 10-12)
	10. Operational responsibility
	11. Objectives
	12. Specification of matters relevant to objectives
	Monetary Policy Committee of the Bank (ss. 13-16)
	13. Monetary Policy Committee
	14. Publication of statements about decisions
	15. Publication of minutes of meetings
	16. Functions of court of directors
	Information and reports (ss. 17-18)
	17. Power to obtain information
	18. Reports
	Treasury's reserve powers (s. 19)
	19. Reserve powers
	Supplementary (s. 20)
	20. Interpretation of Part II
	Part III Transfer of supervisory functions of the Bank to the Financial Services Authority (ss. 21-30)
	21. Transfer
	22. Supplementary provisions
	23. Consequential amendments
	24. Status
	25. Liability
	26. Power to charge fees
	27. Power to channel information through agent
	Consequential changes to banking bodies (ss. 28-29)
	28. Board of Banking Supervision
	29. Deposit Protection Board
	Supplementary (s. 30)
	30. Interpretation of Part III
	Part IIIA Prudential Regulation (ss. 30A-30C)
	30A. Prudential Regulation Committee
	30B. Recommendations by Treasury
	30C. Operational independence
	Part IIIB Central counterparties and central securities depositories (ss. 30D-30I)
	30D. Exercise of functions relating to CCPs and CSDs
	30E. Regulatory principles
	30F. Financial Market Infrastructure Committee
	30G. Functions of the Financial Market Infrastructure Committee
	30H. Information
	30I. Recommendations by Treasury
	Part IV Miscellaneous and general (ss. 31-46)
	Miscellaneous (ss. 31-36)
	31. Qualifications of a designated agency
	32. Listed institutions: exemption of transactions with Treasury
	33. Closure of National Savings Stock Register to gilts
	34. Provision of brokerage service in connection with gilt registration
	35. Section 207 of the Companies Act 1989: bearer securities
	36. Disclosure of information: minor amendments
	General (ss. 37-43)
	37. Restriction on disclosure of information
	38. Offences in relation to supplying information to the Bank
	39. Offences by bodies corporate
	40. Orders
	41. General interpretation
	42. Transitional provisions and savings
	43. Repeals
	Final provisions (ss. 44-46)
	44. Extent
	45. Commencement
	46. Short title
	Schedule 1 Court of directors
	Schedule 2 Cash ratio deposits
	Schedule 2ZA Bank of England levy
	Schedule 2A Financial Policy Committee
	Schedule 3 Monetary Policy Committee
	Schedule 4 Transfer of functions: supplementary provisions
	Schedule 5 Transfer of functions: consequential amendments
	Schedule 5, Part I Banking supervision
	Schedule 5, Part I Chapter I Banking Act 1987 (paras. 1-20)
	Schedule 5, Part I Chapter II Banking Coordination (Second Council Directive) Regulations 1992 (paras. 21-35)
	Schedule 5, Part I Chapter III Other Enactments (paras. 36-43)
	Schedule 5, Part II Supervision under section 43 of the Financial Services Act 1986 (paras. 44-45)
	Schedule 5, Part III Supervision under section 171 of the Companies Act 1989 (paras. 46-51)
	Schedule 5, Part IV General: disclosure of information
	Schedule 5, Part IV Chapter I Banking Act 1987 (paras. 52-59)
	Schedule 5, Part IV Chapter II Other Enactments (paras. 60-72)
	Schedule 6 Banking supervision fees
	Schedule 6A Prudential Regulation Committee
	Schedule 7 Restriction on disclosure of information
	Schedule 8 Transitional provisions and savings
	Schedule 9 Repeals and revocations
	Schedule 9, Part I Repeals
	Schedule 9, Part II Revocations