Bank of England Act 1998
Bank of England Act 1998 (1998 c. 11)
- Bank of England Act 1998 (1998 c. 11)
- Part I Constitution, regulation and financial arrangements
- Constitution and regulation
- 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.
- 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
- 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
- 9 Consequential amendments.
- PART 1A Financial Stability
- Financial stability strategy of the Bank
- 9A Financial stability strategy
- Financial Policy Committee of the Bank
- 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
- 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
- 9O Making of recommendations within the Bank
- 9P Recommendations to Treasury
- 9Q Recommendations to FCA and PRA
- 9R Recommendations to other persons
- Explanation
- 9S Duty to prepare explanation
- Review
- 9T Duty to review directions and recommendations
- Publication of record of meetings
- 9U Publication of record of meetings
- 9V Deferred publication
- Financial stability reports by Financial Policy Committee
- 9W Financial stability reports by Financial Policy Committee
- Meetings between Governor and Chancellor of the Exchequer
- 9X Meetings between Governor and Chancellor of the Exchequer
- Power of Bank to require FCA ... to provide information
- 9Y Directions requiring information or documents
- 9Z Further provisions about directions under section 9Y
- Supplementary
- 9ZA Interpretation of Part 1A
- Part II Monetary Policy
- Role of the Bank
- 10 Operational responsibility.
- 11 Objectives.
- 12 Specification of matters relevant to objectives.
- Monetary Policy Committee of the Bank
- 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
- 17 Power to obtain information.
- 18 Reports.
- Treasury’s reserve powers
- 19 Reserve powers.
- Supplementary
- 20 Interpretation of Part II.
- Part III Transfer of supervisory functions of the Bank to the Financial Services Authority
- ...
- 21 Transfer.
- 22 Supplementary provisions.
- 23 Consequential amendments.
- ...
- 24 Status.
- 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Consequential changes to banking bodies
- 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Supplementary
- 30 Interpretation of Part III.
- PART 3A Prudential regulation
- 30A Prudential Regulation Committee
- 30B Recommendations by Treasury
- 30C Operational independence
- PART 3B Central counterparties and central securities depositories
- 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
- Miscellaneous
- 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- General
- 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
- 44 Extent.
- 45 Commencement.
- 46 Short title.
- SCHEDULES
- SCHEDULE 1 Court of directors
- Terms of office
- Qualification for appointment
- Removal from office
- Powers
- Meetings
- Publication of record of meetings
- Proceedings
- Remuneration
- SCHEDULE 2 Cash ratio deposits
- Eligible institutions
- Liability base
- Call notices
- Calculation of depositable amount
- Value bands and applicable ratios
- Effect of call notice
- Benchmark rate of interest
- Power to obtain information
- Orders
- Interpretation
- Modifications for new entrants
- SCHEDULE 2ZA Bank of England levy
- “The levy”
- “Eligible institutions”
- “Levy year”
- “Anticipated levy requirement”
- Liability to pay the levy
- Payment of the levy
- Recovery of the levy
- Interest
- Power to obtain information
- Regulations
- SCHEDULE 2A Financial Policy Committee
- Terms of office of appointed members
- Qualification for appointment
- Removal of appointed members
- Meetings
- Proceedings
- Decisions otherwise than at meetings
- Power to determine own procedure
- SCHEDULE 3 Monetary Policy Committee
- Terms of office of appointed members
- Qualification for appointment
- Removal of appointed members
- Meetings
- Proceedings
- Report to court of directors of the Bank
- Parliamentary disqualification
- SCHEDULE 4 Transfer of functions: supplementary provisions
- Continuity of exercise of functions
- Transfer of staff
- Transfer of property, rights and liabilities
- SCHEDULE 5 Transfer of functions: consequential amendments
- Part I Banking supervision
- Chapter I Banking Act 1987
- Chapter II Banking Coordination (Second Council Directive) Regulations 1992
- Chapter III Other Enactments
- Consumer Credit Act 1974 (c. 39)
- Insolvency Act 1986 (c. 45)
- Building Societies Act 1986 (c. 53)
- Financial Services Act 1986 (c. 60)
- Insolvency (Northern Ireland) Order 1989 S.I. 1989/2405 (N.I. 19)
- Courts and Legal Services Act 1990 (c. 41)
- Charities Act 1993 (c. 10)
- Building Societies Act 1997 (c. 32)
- Part II Supervision under section 43 of the Financial Services Act 1986
- Financial Services Act 1986 (c. 60)
- Investment Services Regulations 1995 (S.I. 1995/3275)
- Part III Supervision under section 171 of the Companies Act 1989
- Companies Act 1989 (c. 40)
- Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))
- Part IV General: disclosure of information
- Chapter I Banking Act 1987
- Chapter II Other Enactments
- Consumer Credit Act 1974 (c. 39)
- Insurance Companies Act 1982 (c. 50)
- Companies Act 1985 (c. 6)
- Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))
- Building Societies Act 1986 (c. 53)
- Financial Services Act 1986 (c. 60)
- Companies Act 1989 (c. 40)
- Courts and Legal Services Act 1990 (c. 41)
- Friendly Societies Act 1992 (c. 40)
- Pension Schemes Act 1993 (c. 48)
- Pension Schemes (Northern Ireland) Act 1993 (c.49)
- Pensions Act 1995 (c. 26)
- Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
- Powers
- Consultation
- Mode of exercise
- Publication
- Proof of regulations
- SCHEDULE 6A Prudential Regulation Committee
- Interpretation
- Appointment of members by Chancellor
- Term of office of appointed members
- Terms and conditions of appointment
- Qualification for appointment
- Removal of appointed members
- Decision making
- Meetings
- Decisions otherwise than at meetings
- Delegation of functions
- Prudential regulation budget
- Annual reports
- SCHEDULE 7 Restriction on disclosure of information
- Restricted information
- Disclosure for the purposes of the Bank’s functions
- Disclosure by the Bank to other authorities
- Onward disclosure
- Other permitted disclosures
- SCHEDULE 8 Transitional provisions and savings
- Bank’s immunity from suit
- Disclosure of information
- Pre-commencement consultation
- Membership of the Deposit Protection Board
- SCHEDULE 9 Repeals and revocations
- Part I Repeals
Feedback