Bank of England Act 1998

[F130BRecommendations by TreasuryU.K.

(1)The Treasury may at any time by notice in writing to the Prudential Regulation Committee make recommendations to the Committee about aspects of the economic policy of Her Majesty's Government to which the Committee should have regard—

(a)when considering how to advance the objectives of the Prudential Regulation Authority, and

(b)when considering the application of the regulatory principles set out in section 3B of the Financial Services and Markets Act 2000.

(2)The Treasury must make recommendations under subsection (1) at least once in each Parliament.

[F2(2A)The Prudential Regulation Committee must respond to each recommendation made to it under subsection (1) by notifying the Treasury in writing of—

(a)action that the Prudential Regulation Committee has taken or intends to take in accordance with the recommendation, or

(b)the reasons why the Prudential Regulation Committee has not acted or does not intend to act in accordance with the recommendation.

(2B)The notice under subsection (2A) must be given before the end of 12 months beginning with the date the notice containing the recommendation was given under subsection (1).

(2C)Where the Prudential Regulation Committee has given notice under subsection (2A) in relation to a recommendation, it must by notice in writing update the Treasury on the matters mentioned in subsection (2A)(a) and (b) before the end of each subsequent period of 12 months.

(2D)Subsection (2C) does not apply if the Treasury have notified the Prudential Regulation Committee in writing that no update (or further update) is required.

(2E)The Prudential Regulation Committee is not required under subsection (2A) or (2C) to provide any information whose publication would in the opinion of the Committee be against the public interest.]

(3)The Treasury must—

(a)publish in such manner as they think fit any notice given under [F3subsection (1), (2A) or (2C)], and

(b)lay a copy of it before Parliament.]

Textual Amendments