- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Bank of England Act 1998, Section 7 is up to date with all changes known to be in force on or before 13 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)The Bank shall keep proper accounts and records in relation to the accounts.
(2)The Bank shall prepare for each of its financial years a statement of accounts consisting of—
(a)a balance sheet as at the last day of the year, and
(b)a profit and loss account.
[F1(2A)The Bank shall also prepare for each of its financial years a statement of accounts in relation to—
(a)income received and assets accrued by the Bank by virtue of its functions as the Prudential Regulation Authority, and
(b)expenses and liabilities incurred by the Bank by virtue of its functions as the Prudential Regulation Authority.]
(3)In preparing accounts under subsection (2), the Bank shall be subject to requirements corresponding to the relevant Companies Act requirements, except insofar as the accounts relate to the Issue Department.
(4)The Bank may disregard a requirement to which it is subject under subsection (3) to the extent that it considers it [F2necessary to do so having regard to the Financial Stability Objective].
[F3(4A)In preparing a statement under subsection (2A) the Bank must comply with any directions given by the Treasury as to—
(a)the information to be contained in the statement and the manner in which it is to be presented, and
(b)the methods and principles according to which the statement is to be prepared.]
(5)The Bank shall appoint an auditor or auditors to audit its accounts, including any statement under subsection (2) [F4or (2A)] .
[F5(5A)The auditor's report on a statement under subsection (2A) must state whether the auditor is satisfied that the Bank has complied with the requirements of Part 3 of Schedule 1ZB to the Financial Services and Markets Act 2000 (Prudential Regulation Authority fees and penalties).]
(6)As soon as practicable after receiving the report of its auditors on a statement prepared under subsection (2) [F6or (2A)] , the Bank shall send a copy of—
(a)the report, and
(b)the statement,
to the Chancellor of the Exchequer.
(7)The Treasury may by notice in writing to the Bank require it to publish in such manner as it thinks fit such additional information relating to its accounts as the Treasury may specify in the notice, including information which the Bank has excluded under subsection (4) from a statement under subsection (2).
(8)The Treasury shall consult the Bank before giving a notice under subsection (7).
[F7(8A)A direction under subsection (4A) or a notice under subsection (7) may be revoked by a further direction or notice.]
(9)In subsection (3), the reference to the relevant Companies Act requirements is to the requirements to which the directors of a company which is a banking company for the purposes of [F8the Companies Act 2006] are for the time being subject under that Act [F9(except sections 412 and 413 (directors’ benefits))] in relation to the preparation of accounts under [F10section 394] of that Act.
Textual Amendments
F1S. 7(2A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(2), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F2Words in s. 7(4) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 137(2), 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F3S. 7(4A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(3), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F4Words in s. 7(5) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(4), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F5S. 7(5A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(5), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F6Words in s. 7(6) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(6), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F7S. 7(8A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), ss. 14(7), 41(3) (with Sch. 3); S.I. 2017/43, reg. 2(e)
F8Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(a) (with arts. 6, 11, 12)
F9Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(b) (with arts. 6, 11, 12)
F10Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(c) (with arts. 6, 11, 12)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys