Bank of England Act 1998

[F19OMaking of recommendations within the BankU.K.

(1)The Financial Policy Committee may make recommendations within the Bank.

(2)The recommendations may, in particular, relate to—

(a)the provision by the Bank of financial assistance to financial institutions;

(b)the exercise by the Bank of its functions in relation to payment systems, settlement systems [F2, clearing houses and central securities depositories].

(3)The Committee may not make recommendations about—

(a)the provision by the Bank of financial assistance in relation to a particular financial institution, or

(b)the exercise by the Bank of its powers under Parts 1 to 3 of the Banking Act 2009 [F3or Schedule 11 to the Financial Services and Markets Act 2023] in relation to a particular institution.

(4)The recommendations must be made or confirmed in writing.

[F4(5)Recommendations by the Committee to the PRA are to be made under section 9Q (and not under this section).]]

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.