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Bank of England Act 1998

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Changes over time for: Section 9S

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Bank of England Act 1998, Section 9S is up to date with all changes known to be in force on or before 23 December 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. Help about Changes to Legislation

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[F19SDuty to prepare explanationU.K.

(1)In connection with the exercise of any of the specified powers, the Financial Policy Committee must prepare an explanation of—

(a)the reasons for the Committee's decision to exercise the power, in the way in which it is being exercised, and

(b)the Committee's reasons for believing that the exercise of the power, in the way in which it is being exercised, is compatible with the duties of the Committee under the following provisions—

(i)section 9C(1) (as read with section 9C(4)), and

(ii)section 9F.

(2)The specified powers are—

(a)the power to give a direction under section 9H;

(b)the power to make recommendations under section 9O, so far as relating to the exercise of the Bank's functions in relation to payment systems, settlement systems [F2, clearing houses and central securities depositories] ;

(c)the power to make recommendations under section 9P, so far as relating to the exercise by the Treasury of their power to make orders under any of the provisions mentioned in subsection (2) of that section;

(d)the power to make recommendations under section 9Q.

(3)The explanation required by subsection (1) in relation to the duty in section 9F(3)(a) must include an estimate of the costs and an estimate of the benefits that would arise from compliance with the direction or recommendation in question, unless in the opinion of the Committee it is not reasonably practicable to include such an estimate.]

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.

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