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Banking Act 1987
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16Statement of principles
(1)The Bank shall, as soon as practicable after the coming into force of this section, publish in such manner as it thinks appropriate a statement of the principles in accordance with which it is acting or proposing to act—
(a)in interpreting the criteria specified in Schedule 3 to this Act and the grounds for revocation specified in section 11 above; and
(b)in exercising its power to grant, revoke or restrict an authorisation.
(2)If in the course of a financial year of the Bank it makes a material change in the principles in accordance with which it is acting or proposing to act as mentioned in subsection (1) above it shall include a statement of the change in the report made by it for that year under section 1(3) above; and the Bank may, at any time, publish in such manner as it thinks appropriate a statement of the principles in accordance with which it is acting or proposing to act as mentioned in that subsection.
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