PART 1The Bank of England
Prudential regulation
14Accounts relating to Bank’s functions as Prudential Regulation Authority
1
Section 7 of the Bank of England Act 1998 (accounts) is amended as follows.
2
After subsection (2) insert—
2A
The Bank shall also prepare for each of its financial years a statement of accounts in relation to—
a
income received and assets accrued by the Bank by virtue of its functions as the Prudential Regulation Authority, and
b
expenses and liabilities incurred by the Bank by virtue of its functions as the Prudential Regulation Authority.
3
After subsection (4) insert—
4A
In preparing a statement under subsection (2A) the Bank must comply with any directions given by the Treasury as to—
a
the information to be contained in the statement and the manner in which it is to be presented, and
b
the methods and principles according to which the statement is to be prepared.
4
In subsection (5), after “subsection (2)” insert “or (2A)”.
5
After subsection (5) insert—
5A
The auditor’s report on a statement under subsection (2A) must state whether the auditor is satisfied that the Bank has complied with the requirements of Part 3 of Schedule 1ZB to the Financial Services and Markets Act 2000 (Prudential Regulation Authority fees and penalties).
6
In subsection (6), after “subsection (2)” insert “or (2A)”.
7
After subsection (8) insert—
8A
A direction under subsection (4A) or a notice under subsection (7) may be revoked by a further direction or notice.