Paragraph 11 F1

United Kingdom

(1)

At a meeting of the Committee, the proceedings are to be regulated as follows.

(2)

The quorum is to be 6 (excluding the Treasury's representative) and of the 6—

(a)

one must be the Governor of the Bank or the Bank's Deputy Governor for financial stability,

(b)

unless both those mentioned in paragraph (a) are present, one must be F2one of the other Deputy Governors of the Bank, and

(c)

one must be a member appointed under section 9B(1)(e).

(3)

The chair is to be taken by the Governor of the Bank or, if the Governor is not present, by the Bank's Deputy Governor for financial stability.

(4)

The person chairing the meeting must seek to secure that decisions of the Committee are reached by consensus wherever possible.

(5)

Where that person forms the opinion that consensus cannot be reached, a decision is to be taken by a vote of all those members present at the meeting.

(6)

In the event of a tie, the person chairing the meeting is to have a second casting vote.

(7)

At a meeting of the Committee—

(a)

the Treasury's representative may not vote, and

(b)

any view expressed by the Treasury's representative is to be disregarded in determining under sub-paragraph (4) or (5) whether there is a consensus.

F3(8)

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Annotations

Textual amendments

F1: Sch. 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. 1 Pt. 1 (with Sch. 20 ); S.I. 2013/113 , art. 2(2) , Sch. Pt. 4 ; S.I. 2013/423 , art. 3 , Sch.
F2: Word in Sch. 2A para. 11(2)(b) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 20(5)(a) (with Sch. 3); S.I. 2016/627, reg. 2(2)(g)
F3: Sch. 2A para. 11(8) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 20(5)(b) (with Sch. 3); S.I. 2016/627, reg. 2(2)(g)