S. 238 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 1

S. 239 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 2

S. 240 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 3

S. 241 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 4

S. 242 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 5

S. 243 in force at 1.6.2009 by S.I. 2009/1296, art. 2, Sch. para. 6

S. 244 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 8

S. 245 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 8

S. 246 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 8

S. 247 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 8

S. 238(2) repealed (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 68 (with Sch. 3); S.I. 2016/627, reg. 2(2)(j)

Word in s. 244(2)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(2)(a) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

Words in s. 244(2)(c) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(2)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

Words in s. 244(2)(c) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 8

Words in s. 244(2)(c) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(6), 86(3); S.I. 2023/779, reg. 4(ww)

Words in s. 244(2)(c) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 108

S. 244(2A) inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(3) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

S. 246(2)(b)(ba) substituted for s. 246(2)(b) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 58(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

S. 246(2)(b) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 61 (with Sch. 3); S.I. 2017/43, reg. 2(g)

S. 246(2)(ca) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 95, 148(5); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Words in s. 246(2)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 58(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

http://www.legislation.gov.uk/ukpga/2009/1/part/7/crossheading/bank-of-england/2023-08-29Banking Act 2009An Act to make provision about banking.texttext/xmlenStatute Law Database2024-05-20Expert Participation2023-08-29Part 7MiscellaneousBank of England
238UK financial stability(1)

After section 2 of the Bank of England Act 1998 (functions of court of directors) insert—

2AFinancial Stability Objective(1)

An objective of the Bank shall be to contribute to protecting and enhancing the stability of the financial systems of the United Kingdom (the “Financial Stability Objective”).

(2)

In pursuing the Financial Stability Objective the Bank shall aim to work with other relevant bodies (including the Treasury and the Financial Services Authority).

(3)

The court of directors shall, consulting the Treasury, determine and review the Bank's strategy in relation to the Financial Stability Objective.

2BFinancial Stability Committee(1)

There shall be a sub-committee of the court of directors of the Bank (the “Financial Stability Committee”) consisting of—

(a)

the Governor of the Bank, who shall chair the Committee (when present),

(b)

the Deputy Governors of the Bank, and

(c)

4 directors of the Bank, appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1).

(2)

The Committee shall have the following functions—

(a)

to make recommendations to the court of directors, which they shall consider, about the nature and implementation of the Bank's strategy in relation to the Financial Stability Objective,

(b)

to give advice about whether and how the Bank should act in respect of an institution, where the issue appears to the Committee to be relevant to the Financial Stability Objective,

(c)

in particular, to give advice about whether and how the Bank should use stabilisation powers under Part 1 of the Banking Act 2009 in particular cases,

(d)

to monitor the Bank's use of the stabilisation powers,

(e)

to monitor the Bank's exercise of its functions under Part 5 of the Banking Act 2009 (inter-bank payment systems), and

(f)

any other functions delegated to the Committee by the court of directors for the purpose of pursuing the Financial Stability Objective.

(3)

The Treasury may appoint a person to represent the Treasury at meetings of the Committee; and the Treasury's representative—

(a)

may not vote in proceedings of the Committee,

(b)

shall in all other respects be a member of the Committee, and

(c)

may be replaced by the Treasury.

(4)

The Committee may co-opt other non-voting members.

(5)

The chair of the court of directors may replace members of the Committee appointed under subsection (1)(c).

2CFinancial Stability Committee: supplemental(1)

The Committee shall determine its own procedure (including quorum).

(2)

If a member of the Committee has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Committee—

(a)

he shall disclose his interest to the Committee when it considers the dealing or business, and

(b)

he shall have no vote in proceedings of the Committee in relation to any question arising from its consideration of the dealing or business, unless the Committee has resolved that the interest does not give rise to a conflict of interest.

(3)

The Committee may delegate a function under section 2B(2)(b) to (e) to two or more of its members, excluding—

(a)

the Treasury representative, and

(b)

co-opted non-voting members.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

239Number of directors(1)

Section 1 of the Bank of England Act 1998 (court of directors) is amended as follows.

(2)

In subsection (2) omit “16”.

(3)

After subsection (2) insert—(2A)

The number of directors must not exceed 9.

(4)

The directors immediately before the day on which this section comes into force shall vacate office on that day (without prejudice to re-appointment).

240Meetings(1)

Paragraph 12 of Schedule 1 to the Bank of England 1998 (court of directors: meetings) is amended as follows.

(2)

In sub-paragraph (1) for “once a month” substitute “ 7 times in each calendar year ”.

(3)

For sub-paragraph (2) substitute—(2)

Either of the following may summon a meeting at any time on giving such notice as the circumstances appear to require—

(a)

the Governor of the Bank (or in his absence a Deputy Governor), and

(b)

the chair of the court.

241Chair of court(1)

For paragraph 13(3) of Schedule 1 to the Bank of England Act 1998 (court of directors: chairing meetings) substitute—(3)

The Chancellor of the Exchequer may designate—

(a)

a member of the court to chair its meetings (“the chair of the court”), and

(b)

one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.

(2)

For section 3(4) of that Act (sub-committee: chair) substitute—(4)

The chair of the court (designated under paragraph 13 of Schedule 1) shall chair meetings of the sub-committee (when present).

242Quorum(1)

The Bank of England Act 1998 is amended as follows.

(2)

In section 3 (functions delegated to sub-committee)—

(a)

omit subsection (3),

(b)

in subsection (7) for “(3)” substitute “ (4) ”, and

(c)

at the end of subsection (7) add “ (including quorum) ”.

(3)

In paragraph 13 of Schedule 1 (court of directors: proceedings)—

(a)

omit sub-paragraph (2),

(b)

in sub-paragraph (6) for “(2)” substitute “ (3) ”, and

(c)

at the end of sub-paragraph (6) add “ (including quorum) ”.

243Tenure(1)

At the end of paragraph 1 of Schedule 1 to the Bank of England Act 1998 (Governor and Deputies: appointment) add—(3)

A person may not be appointed as Governor more than twice.

(4)

A person may not be appointed as Deputy Governor more than twice.

(2)

At the end of paragraph 6 of that Schedule (re-appointment) insert “ (subject to paragraph 1(3) and (4)) ”.

(3)

After paragraphs 1 and 2 of Schedule 3 to that Act (Monetary Policy Committee: appointment) insert—2A

A person may not be appointed as a member of the Committee under section 13(2)(c) more than twice.

(4)

At the end of paragraph 6 of that Schedule (re-appointment) insert “ (subject to paragraph 2A) ”.

244Immunity(1)

The Bank of England has immunity in its capacity as a monetary authority.

(2)

In this section—

(a)

a reference to the Bank of England is a reference to the Bank and anyone who acts or purports to act as a director, officer, employee or agent of the Bank,

(b)

immunity” means immunity from liability in damages in respect of action or inaction, and

(c)

a reference to the Bank's capacity as a monetary authority includes a reference to the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000 , of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023, of its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018 , of its functions under or in connection with this Act or as a resolution authority for the purposes of the recovery and resolution directive, of its other regulatory functions or of functions undertaken by the Bank for the purpose of or in connection with—

(i)

acting as the central bank of the United Kingdom, or

(ii)

protecting or enhancing the stability of the financial systems of the United Kingdom.

(2A)

The Bank's functions under the Financial Services and Markets Act 2000 are to be taken to include any functions that it may exercise as a result of an appointment under any of sections 97, 166 to 169 and 284 of that Act.

(3)

The immunity does not extend to action or inaction—

(a)

in bad faith, or

(b)

in contravention of section 6(1) of the Human Rights Act 1998.

245Weekly return

Section 6 of the Bank Charter Act 1844 (Bank to produce weekly account) shall cease to have effect.

246Information(1)

The Bank of England may disclose information that it thinks relevant to the financial stability of—

(a)

individual financial institutions, or

(b)

one or more aspects of the financial systems of the United Kingdom.

(2)

Information about the business or other affairs of a specified or identifiable person may be disclosed under subsection (1) only to—

(a)

the Treasury;

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ba)

the Financial Conduct Authority;

(c)

the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000);

(ca)

the Payment Systems Regulator (established under section 40 of the Financial Services (Banking Reform) Act 2013);

(d)

an authority in a country or territory outside the United Kingdom which exercises functions similar to those of the Treasury, the Bank of England, the Prudential Regulation Authority or the Financial Conduct Authority in relation to financial stability;

(e)

the European Central Bank.

(3)

This section—

(a)

overrides a contractual or other requirement to keep information in confidence, and

(b)

is without prejudice to any other power to disclose information.

247Bank of England Act 1946

Nothing in this Act affects the generality of section 4 of the Bank of England Act 1946 (directions and relations with other banks).

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<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-217cb855352dcb633ee9dabb5b7b2e81" marker="I1">
<p>
S. 238 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00009" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00010" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00011" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/1">Sch. para. 1</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-35c02939b3f8ddd812c7270ae18f0a2c" marker="I2">
<p>
S. 239 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00020" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00021" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00022" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/2">Sch. para. 2</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-282a4b461df29f5281f9b7379f4dd0b5" marker="I3">
<p>
S. 240 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00031" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00032" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00033" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/3">Sch. para. 3</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-caeaeaa44f4a7e7b050d47d0d1c7f7cc" marker="I4">
<p>
S. 241 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00042" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00043" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00044" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/4">Sch. para. 4</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-5c729f1a4f10f334e019b10b344dd951" marker="I5">
<p>
S. 242 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00053" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00054" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00055" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/5">Sch. para. 5</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-2fbe429f84707e2cf2d1de705053f00c" marker="I6">
<p>
S. 243 in force at 1.6.2009 by
<ref eId="c5nkdmra2-00064" href="http://www.legislation.gov.uk/id/uksi/2009/1296">S.I. 2009/1296</ref>
,
<ref eId="c5nkdmra2-00065" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/1296/article/2">art. 2</ref>
,
<ref eId="c5nkdmra2-00066" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/1296/schedule/paragraph/6">Sch. para. 6</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-a932cfacfeded2398a81fc004ab22139" marker="I7">
<p>
S. 244 in force at 21.2.2009 by
<ref eId="c5njw6fq2-02303" href="http://www.legislation.gov.uk/id/uksi/2009/296">S.I. 2009/296</ref>
,
<ref eId="c5njw6fq2-02304" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/296/article/3">art. 3</ref>
,
<ref eId="c5njw6fq2-02305" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/296/schedule/paragraph/8">Sch. para. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-2d57a3f9d1756043be8549640df145ba" marker="I8">
<p>
S. 245 in force at 21.2.2009 by
<ref eId="c5njw6fq2-02314" href="http://www.legislation.gov.uk/id/uksi/2009/296">S.I. 2009/296</ref>
,
<ref eId="c5njw6fq2-02315" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/296/article/3">art. 3</ref>
,
<ref eId="c5njw6fq2-02316" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/296/schedule/paragraph/8">Sch. para. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-0d7b97662c842cc1d5b161848e461851" marker="I9">
<p>
S. 246 in force at 21.2.2009 by
<ref eId="c5njw6fq2-02325" href="http://www.legislation.gov.uk/id/uksi/2009/296">S.I. 2009/296</ref>
,
<ref eId="c5njw6fq2-02326" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/296/article/3">art. 3</ref>
,
<ref eId="c5njw6fq2-02327" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/296/schedule/paragraph/8">Sch. para. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="I" class="commentary I" eId="key-5a138ee2ac1598be126175f3da0b6a67" marker="I10">
<p>
S. 247 in force at 21.2.2009 by
<ref eId="c5njw6fq2-02336" href="http://www.legislation.gov.uk/id/uksi/2009/296">S.I. 2009/296</ref>
,
<ref eId="c5njw6fq2-02337" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/296/article/3">art. 3</ref>
,
<ref eId="c5njw6fq2-02338" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/296/schedule/paragraph/8">Sch. para. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-18053f571ee3b9290c9f06abfacba6c8" marker="F1">
<p>
<ref eId="cvtpp1nv3-00004" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/238/2">S. 238(2)</ref>
repealed (6.7.2016) by
<ref eId="cvtpp1nv3-00005" href="http://www.legislation.gov.uk/id/ukpga/2016/14">Bank of England and Financial Services Act 2016 (c. 14)</ref>
,
<ref eId="cvtpp1nv3-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2016/14/section/41/3">s. 41(3)</ref>
,
<ref eId="cvtpp1nv3-00007" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2016/14/schedule/2/paragraph/68">Sch. 2 para. 68</ref>
(with
<ref eId="cvtpp1nv3-00008" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2016/14/schedule/3">Sch. 3</ref>
);
<ref eId="cvtpp1nv3-00009" href="http://www.legislation.gov.uk/id/uksi/2016/627">S.I. 2016/627</ref>
,
<ref eId="cvtpp1nv3-00010" class="subref" href="http://www.legislation.gov.uk/id/uksi/2016/627/regulation/2/2/j">reg. 2(2)(j)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-5898c3441029fc97632144d915da3964" marker="F2">
<p>
Word in s. 244(2)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by
<ref eId="caw5tckd2-00555" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="caw5tckd2-00556" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref eId="caw5tckd2-00557" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/2/paragraph/3/2/a">Sch. 2 para. 3(2)(a)</ref>
(with
<ref eId="caw5tckd2-00558" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref eId="caw5tckd2-00559" href="http://www.legislation.gov.uk/id/uksi/2013/113">S.I. 2013/113</ref>
,
<ref eId="caw5tckd2-00560" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/article/2/2">art. 2(2)</ref>
,
<ref eId="caw5tckd2-00561" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/schedule/part/4">Sch. Pt. 4</ref>
;
<ref eId="caw5tckd2-00562" href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref eId="caw5tckd2-00563" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref eId="caw5tckd2-00564" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-47aefbf910eda2ad19415fd225b3c0c3" marker="F3">
<p>
Words in s. 244(2)(c) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by
<ref eId="caw5tckd2-00574" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="caw5tckd2-00575" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref eId="caw5tckd2-00576" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/2/paragraph/3/2/b">Sch. 2 para. 3(2)(b)</ref>
(with
<ref eId="caw5tckd2-00577" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref eId="caw5tckd2-00578" href="http://www.legislation.gov.uk/id/uksi/2013/113">S.I. 2013/113</ref>
,
<ref eId="caw5tckd2-00579" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/article/2/2">art. 2(2)</ref>
,
<ref eId="caw5tckd2-00580" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/schedule/part/4">Sch. Pt. 4</ref>
;
<ref eId="caw5tckd2-00581" href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref eId="caw5tckd2-00582" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref eId="caw5tckd2-00583" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-6e4a1eeabdcbb93e9895f5b5858b6e64" marker="F4">
<p>
Words in
<ref eId="cwtlwd063-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/244/2/c">s. 244(2)(c)</ref>
inserted (26.10.2018) by
<ref eId="cwtlwd063-00007" href="http://www.legislation.gov.uk/id/uksi/2018/1115">The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115)</ref>
,
<ref eId="cwtlwd063-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1115/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="cwtlwd063-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1115/regulation/8">8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-9f5acd10a3d6531c8e79d2b447a8704b" marker="F5">
<p>
Words in
<ref eId="c4lhzcec5-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2009/1/section/244/2/c">s. 244(2)(c)</ref>
inserted (29.8.2023) by
<ref eId="c4lhzcec5-00007" href="http://www.legislation.gov.uk/id/ukpga/2023/29">Financial Services and Markets Act 2023 (c. 29)</ref>
,
<ref eId="c4lhzcec5-00008" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/75/6">ss. 75(6)</ref>
,
<ref eId="c4lhzcec5-00009" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">86(3)</ref>
;
<ref eId="c4lhzcec5-00010" href="http://www.legislation.gov.uk/id/uksi/2023/779">S.I. 2023/779</ref>
,
<ref eId="c4lhzcec5-00011" class="subref" href="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/ww">reg. 4(ww)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-801ae480690bd5de08f9df8d6cf31e97" marker="F6">
<p>
Words in s. 244(2)(c) inserted (1.1.2015) by
<ref eId="cordixju3-00007" href="http://www.legislation.gov.uk/id/uksi/2014/3329">The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329)</ref>
,
<ref eId="cordixju3-00008" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/1/2">arts. 1(2)</ref>
,
<ref eId="cordixju3-00009" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2014/3329/article/108">108</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-7f5b1da3dfe5f9f579070989d22f7624" marker="F7">
<p>
S. 244(2A) inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by
<ref eId="caw5tckd2-01842" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="caw5tckd2-01843" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref eId="caw5tckd2-01844" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/2/paragraph/3/3">Sch. 2 para. 3(3)</ref>
(with
<ref eId="caw5tckd2-01845" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref eId="caw5tckd2-01846" href="http://www.legislation.gov.uk/id/uksi/2013/113">S.I. 2013/113</ref>
,
<ref eId="caw5tckd2-01847" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/article/2/2">art. 2(2)</ref>
,
<ref eId="caw5tckd2-01848" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/113/schedule/part/4">Sch. Pt. 4</ref>
;
<ref eId="caw5tckd2-01849" href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref eId="caw5tckd2-01850" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref eId="caw5tckd2-01851" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-18166e986ac3d0b86e8a3c7d55e9e90c" marker="F8">
<p>
S. 246(2)(b)(ba) substituted for s. 246(2)(b) (1.4.2013) by
<ref eId="cax7gl9n2-00009" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="cax7gl9n2-00010" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref eId="cax7gl9n2-00011" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/17/paragraph/58/a">Sch. 17 para. 58(a)</ref>
(with
<ref eId="cax7gl9n2-00012" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref eId="cax7gl9n2-00013" href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref eId="cax7gl9n2-00014" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref eId="cax7gl9n2-00015" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-dfb724db904f402cf5fdfaf56ebed2f0" marker="F9">
<p>
S. 246(2)(b) omitted (1.3.2017) by virtue of
<ref eId="cw3r7rs43-00005" href="http://www.legislation.gov.uk/id/ukpga/2016/14">Bank of England and Financial Services Act 2016 (c. 14)</ref>
,
<ref eId="cw3r7rs43-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2016/14/section/41/3">s. 41(3)</ref>
,
<ref eId="cw3r7rs43-00007" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2016/14/schedule/2/paragraph/61">Sch. 2 para. 61</ref>
(with
<ref eId="cw3r7rs43-00008" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2016/14/schedule/3">Sch. 3</ref>
);
<ref eId="cw3r7rs43-00009" href="http://www.legislation.gov.uk/id/uksi/2017/43">S.I. 2017/43</ref>
,
<ref eId="cw3r7rs43-00010" class="subref" href="http://www.legislation.gov.uk/id/uksi/2017/43/regulation/2/g">reg. 2(g)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-0c34aca537a725cfd8b0e693fa7493e5" marker="F10">
<p>
S. 246(2)(ca) inserted (1.3.2014) by
<ref eId="ckqu0amd3-00007" href="http://www.legislation.gov.uk/id/ukpga/2013/33">Financial Services (Banking Reform) Act 2013 (c. 33)</ref>
,
<ref eId="ckqu0amd3-00008" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/95">ss. 95</ref>
,
<ref eId="ckqu0amd3-00009" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/148/5">148(5)</ref>
;
<ref eId="ckqu0amd3-00010" href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
,
<ref eId="ckqu0amd3-00011" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/377/article/2/1/a">art. 2(1)(a)</ref>
,
<ref eId="ckqu0amd3-00012" class="subref" href="http://www.legislation.gov.uk/id/uksi/2014/377/schedule/part/1">Sch. Pt. 1</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-33f7466af98adc497a3a88d3a24a0b1a" marker="F11">
<p>
Words in s. 246(2)(d) substituted (1.4.2013) by
<ref eId="cax7gl9n2-00022" href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c. 21)</ref>
,
<ref eId="cax7gl9n2-00023" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/122/3">s. 122(3)</ref>
,
<ref eId="cax7gl9n2-00024" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/17/paragraph/58/b">Sch. 17 para. 58(b)</ref>
(with
<ref eId="cax7gl9n2-00025" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2012/21/schedule/20">Sch. 20</ref>
);
<ref eId="cax7gl9n2-00026" href="http://www.legislation.gov.uk/id/uksi/2013/423">S.I. 2013/423</ref>
,
<ref eId="cax7gl9n2-00027" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/article/3">art. 3</ref>
,
<ref eId="cax7gl9n2-00028" class="subref" href="http://www.legislation.gov.uk/id/uksi/2013/423/schedule">Sch.</ref>
</p>
</note>
</notes>
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<dc:title>Banking Act 2009</dc:title>
<dc:description>An Act to make provision about banking.</dc:description>
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<body eId="body">
<part eId="part-7">
<num>
<b>Part 7</b>
</num>
<heading>Miscellaneous</heading>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="part-7-crossheading-bank-of-england" uk:target="true">
<heading>
<i>Bank of England</i>
</heading>
<section eId="section-238">
<num>238</num>
<heading>
<abbr class="acronym" title="United Kingdom">UK</abbr>
financial stability
</heading>
<subsection eId="section-238-1">
<num>(1)</num>
<content>
<p>
<mod>
After section 2 of the Bank of England Act 1998 (functions of court of directors) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default">
<section>
<num>2A</num>
<heading>Financial Stability Objective</heading>
<subsection>
<num>(1)</num>
<content>
<p>An objective of the Bank shall be to contribute to protecting and enhancing the stability of the financial systems of the United Kingdom (the “Financial Stability Objective”).</p>
</content>
</subsection>
<subsection>
<num>(2)</num>
<content>
<p>In pursuing the Financial Stability Objective the Bank shall aim to work with other relevant bodies (including the Treasury and the Financial Services Authority).</p>
</content>
</subsection>
<subsection>
<num>(3)</num>
<content>
<p>The court of directors shall, consulting the Treasury, determine and review the Bank's strategy in relation to the Financial Stability Objective.</p>
</content>
</subsection>
</section>
<section>
<num>2B</num>
<heading>Financial Stability Committee</heading>
<subsection>
<num>(1)</num>
<intro>
<p>
There shall be a sub-committee of the court of directors of the Bank (the “
<term refersTo="#term-financial-stability-committee">Financial Stability Committee</term>
”) consisting of—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the Governor of the Bank, who shall chair the Committee (when present),</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>the Deputy Governors of the Bank, and</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>4 directors of the Bank, appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1).</p>
</content>
</level>
</subsection>
<subsection>
<num>(2)</num>
<intro>
<p>The Committee shall have the following functions—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>to make recommendations to the court of directors, which they shall consider, about the nature and implementation of the Bank's strategy in relation to the Financial Stability Objective,</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>to give advice about whether and how the Bank should act in respect of an institution, where the issue appears to the Committee to be relevant to the Financial Stability Objective,</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>in particular, to give advice about whether and how the Bank should use stabilisation powers under Part 1 of the Banking Act 2009 in particular cases,</p>
</content>
</level>
<level class="para1">
<num>(d)</num>
<content>
<p>to monitor the Bank's use of the stabilisation powers,</p>
</content>
</level>
<level class="para1">
<num>(e)</num>
<content>
<p>to monitor the Bank's exercise of its functions under Part 5 of the Banking Act 2009 (inter-bank payment systems), and</p>
</content>
</level>
<level class="para1">
<num>(f)</num>
<content>
<p>any other functions delegated to the Committee by the court of directors for the purpose of pursuing the Financial Stability Objective.</p>
</content>
</level>
</subsection>
<subsection>
<num>(3)</num>
<intro>
<p>The Treasury may appoint a person to represent the Treasury at meetings of the Committee; and the Treasury's representative—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>may not vote in proceedings of the Committee,</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>shall in all other respects be a member of the Committee, and</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>may be replaced by the Treasury.</p>
</content>
</level>
</subsection>
<subsection>
<num>(4)</num>
<content>
<p>The Committee may co-opt other non-voting members.</p>
</content>
</subsection>
<subsection>
<num>(5)</num>
<content>
<p>The chair of the court of directors may replace members of the Committee appointed under subsection (1)(c).</p>
</content>
</subsection>
</section>
<section>
<num>2C</num>
<heading>Financial Stability Committee: supplemental</heading>
<subsection>
<num>(1)</num>
<content>
<p>The Committee shall determine its own procedure (including quorum).</p>
</content>
</subsection>
<subsection>
<num>(2)</num>
<intro>
<p>If a member of the Committee has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Committee—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>he shall disclose his interest to the Committee when it considers the dealing or business, and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>he shall have no vote in proceedings of the Committee in relation to any question arising from its consideration of the dealing or business, unless the Committee has resolved that the interest does not give rise to a conflict of interest.</p>
</content>
</level>
</subsection>
<subsection>
<num>(3)</num>
<intro>
<p>The Committee may delegate a function under section 2B(2)(b) to (e) to two or more of its members, excluding—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the Treasury representative, and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>co-opted non-voting members.</p>
</content>
</level>
</subsection>
</section>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-238-2">
<num>
<noteRef href="#key-18053f571ee3b9290c9f06abfacba6c8" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
(2)
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
</section>
<section eId="section-239">
<num>239</num>
<heading>Number of directors</heading>
<subsection eId="section-239-1">
<num>(1)</num>
<content>
<p>Section 1 of the Bank of England Act 1998 (court of directors) is amended as follows.</p>
</content>
</subsection>
<subsection eId="section-239-2">
<num>(2)</num>
<content>
<p>In subsection (2) omit “16”.</p>
</content>
</subsection>
<subsection eId="section-239-3">
<num>(3)</num>
<content>
<p>
<mod>
After subsection (2) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default">
<subsection>
<num>(2A)</num>
<content>
<p>The number of directors must not exceed 9.</p>
</content>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-239-4">
<num>(4)</num>
<content>
<p>The directors immediately before the day on which this section comes into force shall vacate office on that day (without prejudice to re-appointment).</p>
</content>
</subsection>
</section>
<section eId="section-240">
<num>240</num>
<heading>Meetings</heading>
<subsection eId="section-240-1">
<num>(1)</num>
<content>
<p>Paragraph 12 of Schedule 1 to the Bank of England 1998 (court of directors: meetings) is amended as follows.</p>
</content>
</subsection>
<subsection eId="section-240-2">
<num>(2)</num>
<content>
<p>
<mod>
In sub-paragraph (1) for “once a month” substitute
<quotedText>“ 7 times in each calendar year ”</quotedText>
.
</mod>
</p>
</content>
</subsection>
<subsection eId="section-240-3">
<num>(3)</num>
<content>
<p>
<mod>
For sub-paragraph (2) substitute—
<quotedStructure startQuote="" endQuote="" uk:context="unknown" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="unknown" ukl:Format="default">
<subsection>
<num>(2)</num>
<intro>
<p>Either of the following may summon a meeting at any time on giving such notice as the circumstances appear to require—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the Governor of the Bank (or in his absence a Deputy Governor), and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>the chair of the court.</p>
</content>
</level>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
</section>
<section eId="section-241">
<num>241</num>
<heading>Chair of court</heading>
<subsection eId="section-241-1">
<num>(1)</num>
<content>
<p>
<mod>
For paragraph 13(3) of Schedule 1 to the Bank of England Act 1998 (court of directors: chairing meetings) substitute—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="schedule" ukl:Format="default">
<subparagraph>
<num>(3)</num>
<intro>
<p>The Chancellor of the Exchequer may designate—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>a member of the court to chair its meetings (“the chair of the court”), and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.</p>
</content>
</level>
</subparagraph>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-241-2">
<num>(2)</num>
<content>
<p>
<mod>
For section 3(4) of that Act (sub-committee: chair) substitute—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="ukpga" ukl:TargetClass="primary" ukl:TargetSubClass="unknown" ukl:Context="main" ukl:Format="default">
<subsection>
<num>(4)</num>
<content>
<p>The chair of the court (designated under paragraph 13 of Schedule 1) shall chair meetings of the sub-committee (when present).</p>
</content>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
</section>
<section eId="section-242">
<num>242</num>
<heading>Quorum</heading>
<subsection eId="section-242-1">
<num>(1)</num>
<content>
<p>The Bank of England Act 1998 is amended as follows.</p>
</content>
</subsection>
<subsection eId="section-242-2">
<num>(2)</num>
<intro>
<p>In section 3 (functions delegated to sub-committee)—</p>
</intro>
<level class="para1" eId="section-242-2-a">
<num>(a)</num>
<content>
<p>omit subsection (3),</p>
</content>
</level>
<level class="para1" eId="section-242-2-b">
<num>(b)</num>
<content>
<p>
<mod>
in subsection (7) for “(3)” substitute
<quotedText>“ (4) ”</quotedText>
, and
</mod>
</p>
</content>
</level>
<level class="para1" eId="section-242-2-c">
<num>(c)</num>
<content>
<p>
<mod>
at the end of subsection (7) add
<quotedText>“ (including quorum) ”</quotedText>
.
</mod>
</p>
</content>
</level>
</subsection>
<subsection eId="section-242-3">
<num>(3)</num>
<intro>
<p>In paragraph 13 of Schedule 1 (court of directors: proceedings)—</p>
</intro>
<level class="para1" eId="section-242-3-a">
<num>(a)</num>
<content>
<p>omit sub-paragraph (2),</p>
</content>
</level>
<level class="para1" eId="section-242-3-b">
<num>(b)</num>
<content>
<p>
<mod>
in sub-paragraph (6) for “(2)” substitute
<quotedText>“ (3) ”</quotedText>
, and
</mod>
</p>
</content>
</level>
<level class="para1" eId="section-242-3-c">
<num>(c)</num>
<content>
<p>
<mod>
at the end of sub-paragraph (6) add
<quotedText>“ (including quorum) ”</quotedText>
.
</mod>
</p>
</content>
</level>
</subsection>
</section>
<section eId="section-243">
<num>243</num>
<heading>Tenure</heading>
<subsection eId="section-243-1">
<num>(1)</num>
<content>
<p>
<mod>
At the end of paragraph 1 of Schedule 1 to the Bank of England Act 1998 (Governor and Deputies: appointment) add—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="schedule" ukl:Format="default">
<subparagraph>
<num>(3)</num>
<content>
<p>A person may not be appointed as Governor more than twice.</p>
</content>
</subparagraph>
<subparagraph>
<num>(4)</num>
<content>
<p>A person may not be appointed as Deputy Governor more than twice.</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-243-2">
<num>(2)</num>
<content>
<p>
<mod>
At the end of paragraph 6 of that Schedule (re-appointment) insert
<quotedText>“ (subject to paragraph 1(3) and (4)) ”</quotedText>
.
</mod>
</p>
</content>
</subsection>
<subsection eId="section-243-3">
<num>(3)</num>
<content>
<p>
<mod>
After paragraphs 1 and 2 of Schedule 3 to that Act (Monetary Policy Committee: appointment) insert—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="unknown" ukl:TargetClass="unknown" ukl:TargetSubClass="unknown" ukl:Context="schedule" ukl:Format="default">
<hcontainer name="crossheading" class="schGroup7">
<heading/>
<paragraph class="schProv1">
<num>2A</num>
<content>
<p>A person may not be appointed as a member of the Committee under section 13(2)(c) more than twice.</p>
</content>
</paragraph>
</hcontainer>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-243-4">
<num>(4)</num>
<content>
<p>
<mod>
At the end of paragraph 6 of that Schedule (re-appointment) insert
<quotedText>“ (subject to paragraph 2A) ”</quotedText>
.
</mod>
</p>
</content>
</subsection>
</section>
<section eId="section-244">
<num>244</num>
<heading>Immunity</heading>
<subsection eId="section-244-1">
<num>(1)</num>
<content>
<p>The Bank of England has immunity in its capacity as a monetary authority.</p>
</content>
</subsection>
<subsection eId="section-244-2">
<num>(2)</num>
<intro>
<p>In this section—</p>
</intro>
<level class="para1" eId="section-244-2-a">
<num>(a)</num>
<content>
<p>
a reference to the Bank of England is a reference to the Bank and anyone who acts or purports to act as a director, officer,
<ins class="substitution first last" ukl:ChangeId="key-5898c3441029fc97632144d915da3964-1474277101983" ukl:CommentaryRef="key-5898c3441029fc97632144d915da3964">
<noteRef uk:name="commentary" href="#key-5898c3441029fc97632144d915da3964" class="commentary"/>
employee
</ins>
or agent of the Bank,
</p>
</content>
</level>
<level class="para1" eId="section-244-2-b">
<num>(b)</num>
<content>
<p>
<term refersTo="#term-immunity" eId="term-immunity">immunity</term>
” means immunity from liability in damages in respect of action or inaction, and
</p>
</content>
</level>
<level class="para1" eId="section-244-2-c">
<num>(c)</num>
<intro>
<p>
a reference to the Bank's capacity as a monetary authority includes a reference to
<ins class="substitution first" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">
<noteRef uk:name="commentary" href="#key-47aefbf910eda2ad19415fd225b3c0c3" class="commentary"/>
the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000
</ins>
<ins class="substitution" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">
<ins class="first" ukl:ChangeId="key-6e4a1eeabdcbb93e9895f5b5858b6e64-1600376405636" ukl:CommentaryRef="key-6e4a1eeabdcbb93e9895f5b5858b6e64">
<noteRef uk:name="commentary" href="#key-6e4a1eeabdcbb93e9895f5b5858b6e64" class="commentary"/>
,
</ins>
</ins>
<ins class="substitution" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">
<ins ukl:ChangeId="key-6e4a1eeabdcbb93e9895f5b5858b6e64-1600376405636" ukl:CommentaryRef="key-6e4a1eeabdcbb93e9895f5b5858b6e64">
<ins class="first last" ukl:ChangeId="key-9f5acd10a3d6531c8e79d2b447a8704b-1695664545790" ukl:CommentaryRef="key-9f5acd10a3d6531c8e79d2b447a8704b">
<noteRef uk:name="commentary" href="#key-9f5acd10a3d6531c8e79d2b447a8704b" class="commentary"/>
of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023,
</ins>
</ins>
</ins>
<ins class="substitution" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">
<ins class="last" ukl:ChangeId="key-6e4a1eeabdcbb93e9895f5b5858b6e64-1600376405636" ukl:CommentaryRef="key-6e4a1eeabdcbb93e9895f5b5858b6e64"> of its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018</ins>
</ins>
<ins class="substitution" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">
<ins class="first last" ukl:ChangeId="key-801ae480690bd5de08f9df8d6cf31e97-1582830597870" ukl:CommentaryRef="key-801ae480690bd5de08f9df8d6cf31e97">
<noteRef uk:name="commentary" href="#key-801ae480690bd5de08f9df8d6cf31e97" class="commentary"/>
, of its functions under or in connection with this Act or as a resolution authority for the purposes of the recovery and resolution directive
</ins>
</ins>
<ins class="substitution last" ukl:ChangeId="key-47aefbf910eda2ad19415fd225b3c0c3-1474277151613" ukl:CommentaryRef="key-47aefbf910eda2ad19415fd225b3c0c3">, of its other regulatory functions or of functions undertaken</ins>
by the Bank for the purpose of or in connection with—
</p>
</intro>
<level class="para2" eId="section-244-2-c-i">
<num>(i)</num>
<content>
<p>acting as the central bank of the United Kingdom, or</p>
</content>
</level>
<level class="para2" eId="section-244-2-c-ii">
<num>(ii)</num>
<content>
<p>protecting or enhancing the stability of the financial systems of the United Kingdom.</p>
</content>
</level>
</level>
</subsection>
<subsection eId="section-244-2A">
<num>
<ins class="first" ukl:ChangeId="key-7f5b1da3dfe5f9f579070989d22f7624-1474277065692" ukl:CommentaryRef="key-7f5b1da3dfe5f9f579070989d22f7624">
<noteRef uk:name="commentary" href="#key-7f5b1da3dfe5f9f579070989d22f7624" class="commentary"/>
(2A)
</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-7f5b1da3dfe5f9f579070989d22f7624-1474277065692" ukl:CommentaryRef="key-7f5b1da3dfe5f9f579070989d22f7624">The Bank's functions under the Financial Services and Markets Act 2000 are to be taken to include any functions that it may exercise as a result of an appointment under any of sections 97, 166 to 169 and 284 of that Act.</ins>
</p>
</content>
</subsection>
<subsection eId="section-244-3">
<num>(3)</num>
<intro>
<p>The immunity does not extend to action or inaction—</p>
</intro>
<level class="para1" eId="section-244-3-a">
<num>(a)</num>
<content>
<p>in bad faith, or</p>
</content>
</level>
<level class="para1" eId="section-244-3-b">
<num>(b)</num>
<content>
<p>in contravention of section 6(1) of the Human Rights Act 1998.</p>
</content>
</level>
</subsection>
</section>
<section eId="section-245">
<num>245</num>
<heading>Weekly return</heading>
<content>
<p>Section 6 of the Bank Charter Act 1844 (Bank to produce weekly account) shall cease to have effect.</p>
</content>
</section>
<section eId="section-246">
<num>246</num>
<heading>Information</heading>
<subsection eId="section-246-1">
<num>(1)</num>
<intro>
<p>The Bank of England may disclose information that it thinks relevant to the financial stability of—</p>
</intro>
<level class="para1" eId="section-246-1-a">
<num>(a)</num>
<content>
<p>individual financial institutions, or</p>
</content>
</level>
<level class="para1" eId="section-246-1-b">
<num>(b)</num>
<content>
<p>one or more aspects of the financial systems of the United Kingdom.</p>
</content>
</level>
</subsection>
<subsection eId="section-246-2">
<num>(2)</num>
<intro>
<p>Information about the business or other affairs of a specified or identifiable person may be disclosed under subsection (1) only to—</p>
</intro>
<level class="para1" eId="section-246-2-a">
<num>(a)</num>
<content>
<p>the Treasury;</p>
</content>
</level>
<level class="para1" eId="section-246-2-b">
<num>
<ins class="substitution first" ukl:ChangeId="key-18166e986ac3d0b86e8a3c7d55e9e90c-1474340495992" ukl:CommentaryRef="key-18166e986ac3d0b86e8a3c7d55e9e90c">
<noteRef uk:name="commentary" href="#key-18166e986ac3d0b86e8a3c7d55e9e90c" class="commentary"/>
(b)
</ins>
<noteRef href="#key-dfb724db904f402cf5fdfaf56ebed2f0" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="key-18166e986ac3d0b86e8a3c7d55e9e90c-1474340495992" ukl:CommentaryRef="key-18166e986ac3d0b86e8a3c7d55e9e90c">. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</ins>
</p>
</content>
</level>
<level class="para1" eId="section-246-2-ba">
<num>
<ins class="substitution" ukl:ChangeId="key-18166e986ac3d0b86e8a3c7d55e9e90c-1474340495992" ukl:CommentaryRef="key-18166e986ac3d0b86e8a3c7d55e9e90c">(ba)</ins>
</num>
<content>
<p>
<ins class="substitution last" ukl:ChangeId="key-18166e986ac3d0b86e8a3c7d55e9e90c-1474340495992" ukl:CommentaryRef="key-18166e986ac3d0b86e8a3c7d55e9e90c">the Financial Conduct Authority;</ins>
</p>
</content>
</level>
<level class="para1" eId="section-246-2-c">
<num>(c)</num>
<content>
<p>the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000);</p>
</content>
</level>
<level class="para1" eId="section-246-2-ca">
<num>
<ins class="first" ukl:ChangeId="key-0c34aca537a725cfd8b0e693fa7493e5-1574090707907" ukl:CommentaryRef="key-0c34aca537a725cfd8b0e693fa7493e5">
<noteRef uk:name="commentary" href="#key-0c34aca537a725cfd8b0e693fa7493e5" class="commentary"/>
(ca)
</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="key-0c34aca537a725cfd8b0e693fa7493e5-1574090707907" ukl:CommentaryRef="key-0c34aca537a725cfd8b0e693fa7493e5">the Payment Systems Regulator (established under section 40 of the Financial Services (Banking Reform) Act 2013);</ins>
</p>
</content>
</level>
<level class="para1" eId="section-246-2-d">
<num>(d)</num>
<content>
<p>
an authority in a country or territory outside the United Kingdom which exercises functions similar to those of the Treasury, the Bank of England
<ins class="substitution first last" ukl:ChangeId="key-33f7466af98adc497a3a88d3a24a0b1a-1474340552642" ukl:CommentaryRef="key-33f7466af98adc497a3a88d3a24a0b1a">
<noteRef uk:name="commentary" href="#key-33f7466af98adc497a3a88d3a24a0b1a" class="commentary"/>
, the Prudential Regulation Authority or the Financial Conduct Authority
</ins>
in relation to financial stability;
</p>
</content>
</level>
<level class="para1" eId="section-246-2-e">
<num>(e)</num>
<content>
<p>the European Central Bank.</p>
</content>
</level>
</subsection>
<subsection eId="section-246-3">
<num>(3)</num>
<intro>
<p>This section—</p>
</intro>
<level class="para1" eId="section-246-3-a">
<num>(a)</num>
<content>
<p>overrides a contractual or other requirement to keep information in confidence, and</p>
</content>
</level>
<level class="para1" eId="section-246-3-b">
<num>(b)</num>
<content>
<p>is without prejudice to any other power to disclose information.</p>
</content>
</level>
</subsection>
</section>
<section eId="section-247">
<num>247</num>
<heading>Bank of England Act 1946</heading>
<content>
<p>Nothing in this Act affects the generality of section 4 of the Bank of England Act 1946 (directions and relations with other banks).</p>
</content>
</section>
</hcontainer>
</part>
</body>
</act>
</akomaNtoso>