Section 2 Functions of court of directors.

United Kingdom

(1)

The court of directors of the Bank shall manage the Bank’s affairs, other than the formulation of monetary policy.

(2)

In particular, the court’s functions under subsection (1) shall include

F1(a)

determining the Bank’s objectives (including objectives for its financial management) and strategy.

F2(b)

the functions mentioned in section 3A(2) (the “oversight functions”).

(3)

In determining the Bank’s objectives and strategy, the court’s aim shall be to ensure the effective discharge of the Bank’s functions.

(4)

Subject to that, in determining objectives for the financial management of the Bank, the court’s aim shall be to ensure the most efficient use of the Bank’s resources.

(F3F45)

Subsections (2) to (4) are subject to—

(a)

section 2A (Financial Stability Objective);

(b)

section 11 (objectives in relation to monetary policy);

(c)

Part 1A of the Financial Services and Markets Act 2000 (objectives and strategy of the Prudential Regulation Authority).

Annotations

Textual amendments

F1: Words in s. 2(2) renumbered as s. 2(2)(a) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(2)(a) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F2: S. 2(2)(b) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(2)(b) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)
F3: S. 2(5) added (1.6.2009) by Banking Act 2009 (c. 1) , ss. 238(2) , 263(1) (with s. 247 ); S.I. 2009/1296 , art. 2 , Sch. para. 1
F4: S. 2(5) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 2 (with Sch. 3); S.I. 2017/43, reg. 2(g)