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Currency Act 1983

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This is the original version (as it was originally enacted).

2Limit on amount of Bank of England fiduciary note issue

(1)The Bank shall not cause the limit on the amount of the fiduciary note issue to be exceeded.

(2)For the purposes of this section, the limit is £13,500 million or such other amount as may from time to time be specified in a direction given by the Treasury.

(3)The amount specified in a direction under subsection (2) above shall not be greater than the former limit by more than 25 per cent.

(4)In subsection (3) above " the former limit" means the limit which was in force under this section at the beginning of the period of two years ending with the day on which the direction is given.

(5)A direction under subsection (2) above shall be given by a minute of the Treasury a copy of which shall be laid before each House of Parliament.

(6)The Treasury may by order made by statutory instrument direct that subsection (3) above shall not apply in relation any direction under subsection (2) above which is given during a specified period not exceeding two years beginning with the day on which the order is made.

(7)A draft of any statutory instrument containing an order under subsection (6) above shall be laid before Parliament.

(8)In the application of subsection (3) above in relation to a direction given during a period of two years beginning with the day on which this Act is passed, " the former limit" means £13,500 million.

(9)Section 2 of the [1954 c. 12.] Currency and Bank Notes Act 1954 (which is superseded by this section) shall cease to have effect.

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