Textual Amendments
F1Pt. 1A inserted (24.1.2013 for the insertion of ss. 9I(2), 9L, 9N for specified purposes and for the insertion of s. 9ZA, 19.2.2013 for the insertion of s. 9B for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 4(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
(1)The court of directors must—
(a)determine the Bank's strategy in relation to the Financial Stability Objective (its “financial stability strategy”), and
(b)from time to time review, and if necessary revise, the strategy.
(2)Before determining or revising the Bank's financial stability strategy, the court of directors must consult about a draft of the strategy or of the revisions—
(a)the Financial Policy Committee, and
(b)the Treasury.
(3)The Financial Policy Committee may at any time make recommendations to the court of directors as to the provisions of the Bank's financial stability strategy.
(4)The court of directors must determine the financial stability strategy of the Bank within 6 months of the coming into force of this section.
(5)The court of directors must carry out and complete a review of the Bank's financial stability strategy before the end of each relevant period.
(6)The relevant period is 3 years beginning with the date on which the previous review was completed, except that in the case of the first review the relevant period is the period of 3 years beginning with the date on which the strategy was determined under subsection (4).
(7)The Bank must publish its financial stability strategy.
(8)If the financial stability strategy is revised, the Bank must publish the revised strategy.
(9)Publication under subsection (7) or (8) is to be in such manner as the Bank thinks fit.]