222Financial penalty
This section has no associated Explanatory Notes
(1)Banknote regulations may enable the Bank of England to impose a penalty on an authorised bank that fails to comply with banknote regulations or rules.
(2)A penalty—
(a)shall be paid to the Bank of England, and
(b)is enforceable by the Bank of England as a debt.
(3)Banknote regulations must establish a method for determining the maximum amount of a penalty.