Paragraph 50

United Kingdom

I1(1)

Schedule 1ZB (Prudential Regulation Authority) is amended as follows.

(2)

In the shoulder note, for “2A” substitute “ 2AB. ”

(3)

In paragraph 1—

(a)

omit the definition of “the Bank”;

(b)

for “2A(6)” substitute “ 2AB(3) ”.

(4)

Omit paragraphs 2 to 16 and 18.

(5)

In paragraph 19 (annual report)—

(a)

in sub-paragraph (1), in the words before paragraph (a), for “Treasury” substitute “ Chancellor of the Exchequer ”;

(b)

omit sub-paragraph (3)(a);

(c)

in sub-paragraph (4)—

(i)

for “Treasury” substitute “ Chancellor of the Exchequer ”;

(ii)

for “them” substitute “ the Chancellor ”;

(d)

after sub-paragraph (4) insert—

“(5)
The Chancellor may comply with sub-paragraph (4) by laying a document containing a report under this paragraph together with a report under section 4 of the Bank of England Act 1998.”

(6)

Omit paragraphs 22 to 26.

(7)

In paragraph 31—

(a)

in sub-paragraph (2) for “2A(6)” substitute “ 2AB(3) ”;

(b)

in sub-paragraph (4) for “2A(6)(d)” substitute “ 2AB(3)(d) ”.

Annotations

Commencement

I1: Sch. 2 para. 50 in force at 1.3.2017 by S.I. 2017/43, regs. 2(g), 3(1) (with reg. 3(2)(3))