Maximum penaltyU.K.
This section has no associated Explanatory Memorandum
4.—(1) The total amount of the penalties imposed on an authorised bank by the Bank of England in a calendar year must not exceed 10% of the mean average value of the estimated amount of the bank's banknotes in circulation at any time in the previous calendar year.
(2) For the purposes of paragraph (1), the Bank of England must estimate the amount of a bank's banknotes in circulation at any time by reference to—
(a)information received from Her Majesty's Revenue and Customs under section 218(3) of the Act (information); or
(b)information or a report provided by the bank in accordance with rules made under regulation 13, 14 or 15.
