SCHEDULES

SCHEDULE 3 Monetary Policy Committee

Removal of appointed members

9

1

The Bank may, with the consent of the Chancellor of the Exchequer, remove a member appointed under section 13(2)(b) or (c) if it is satisfied—

a

that he has been absent from the Committee’s meetings for more than 3 months without the Committee’s consent,

b

that he has become bankrupt, that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or

c

that he is unable or unfit to discharge his functions as a member.

2

The function of removing a member under sub-paragraph (1) shall stand delegated to the sub-committee constituted by section 3.