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S. 238(2) repealed (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 68 (with Sch. 3); S.I. 2016/627, reg. 2(2)(j)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.
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”). In pursuing the Financial Stability Objective the Bank shall aim to work with other relevant bodies (including the Treasury and the Financial Services Authority). The court of directors shall, consulting the Treasury, determine and review the Bank's strategy in relation to the Financial Stability Objective. There shall be a sub-committee of the court of directors of the Bank (the “ the Governor of the Bank, who shall chair the Committee (when present), the Deputy Governors of the Bank, and 4 directors of the Bank, appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1). The Committee shall have the following functions— 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, 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, 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, to monitor the Bank's use of the stabilisation powers, to monitor the Bank's exercise of its functions under Part 5 of the Banking Act 2009 (inter-bank payment systems), and any other functions delegated to the Committee by the court of directors for the purpose of pursuing the Financial Stability Objective. The Treasury may appoint a person to represent the Treasury at meetings of the Committee; and the Treasury's representative— may not vote in proceedings of the Committee, shall in all other respects be a member of the Committee, and may be replaced by the Treasury. The Committee may co-opt other non-voting members. The chair of the court of directors may replace members of the Committee appointed under subsection (1)(c). The Committee shall determine its own procedure (including quorum). 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— he shall disclose his interest to the Committee when it considers the dealing or business, and 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. The Committee may delegate a function under section 2B(2)(b) to (e) to two or more of its members, excluding— the Treasury representative, and co-opted non-voting members.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 1 of the Bank of England Act 1998 (court of directors) is amended as follows.
In subsection (2) omit “16”.
The number of directors must not exceed 9.
The directors immediately before the day on which this section comes into force shall vacate office on that day (without prejudice to re-appointment).
Paragraph 12 of Schedule 1 to the Bank of England 1998 (court of directors: meetings) is amended as follows.
Either of the following may summon a meeting at any time on giving such notice as the circumstances appear to require— the Governor of the Bank (or in his absence a Deputy Governor), and the chair of the court.
The Chancellor of the Exchequer may designate— a member of the court to chair its meetings (“the chair of the court”), and one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.
The chair of the court (designated under paragraph 13 of Schedule 1) shall chair meetings of the sub-committee (when present).
The Bank of England Act 1998 is amended as follows.
In section 3 (functions delegated to sub-committee)—
omit subsection (3),
In paragraph 13 of Schedule 1 (court of directors: proceedings)—
omit sub-paragraph (2),
A person may not be appointed as Governor more than twice. A person may not be appointed as Deputy Governor more than twice.
A person may not be appointed as a member of the Committee under section 13(2)(c) more than twice.
The Bank of England has immunity in its capacity as a monetary authority.
In this section—
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,
“
a reference to the Bank's capacity as a monetary authority includes a reference to
acting as the central bank of the United Kingdom, or
protecting or enhancing the stability of the financial systems of the United Kingdom.
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.
The immunity does not extend to action or inaction—
in bad faith, or
in contravention of section 6(1) of the Human Rights Act 1998.
Section 6 of the Bank Charter Act 1844 (Bank to produce weekly account) shall cease to have effect.
The Bank of England may disclose information that it thinks relevant to the financial stability of—
individual financial institutions, or
one or more aspects of the financial systems of the United Kingdom.
Information about the business or other affairs of a specified or identifiable person may be disclosed under subsection (1) only to—
the Treasury;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the Financial Conduct Authority;
the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000);
the Payment Systems Regulator (established under section 40 of the Financial Services (Banking Reform) Act 2013);
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 European Central Bank.
This section—
overrides a contractual or other requirement to keep information in confidence, and
is without prejudice to any other power to disclose information.
Nothing in this Act affects the generality of section 4 of the Bank of England Act 1946 (directions and relations with other banks).