Bank of England Act 1998
1998 c. 11 · Enacted 23 April 1998 · Extends to United Kingdom
An Act to make provision about the constitution, regulation, financial arrangements and functions of the Bank of England, including provision for the transfer of supervisory functions; to amend the Banking Act 1987 in relation to the provision and disclosure of information; to make provision relating to appointments to the governing body of a designated agency under the Financial Services Act 1986; to amend Schedule 5 to that Act; to make provision relating to the registration of Government stocks and bonds; to make provision about the application of section 207 of the Companies Act 1989 to bearer securities; and for connected purposes.
[23rd April 1998]
E1Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Annotations to the whole text
Extent
- E1
Act's amending, repealing and revoking provisions are coextensive with the enactments they affect: see s. 44(3).
Contents
- Part I: Constitution, regulation and financial arrangements
- Constitution and regulation
- 1Court of directors.
- 1APower to alter membership of court of directors
- 2Functions of court of directors.
- 2AFinancial Stability Objective
- 2AAMacro-prudential measures: Article 458 of the capital requirements regulation Repealed
- 2BFinancial Stability Committee Repealed
- 2CFinancial Stability Committee: supplemental Repealed
- 3Functions to be carried out by non-executive members. Repealed
- 3A.Oversight functions of court of directors
- 3BOversight Committee: procedure Repealed
- 3CReviews
- 3DPublication of reports of performance reviews
- 3ERecommendations resulting from review
- 3FOversight functions: further provisions
- 4Annual report by the Bank.
- 5Custody and use of the seal.
- Financial arrangements
- 6Cash ratio deposits. Repealed
- 6ABank of England levy
- 7Accounts.
- 7ZAAudit: role of Comptroller and Auditor General
- 7AAccounts of companies wholly owned by the Bank
- 7BReports on Bank activities indemnified by Treasury
- 7CAccounts of Bank companies carrying on activities indemnified by Treasury
- 7DExamination by Comptroller and Auditor General
- 7EMemorandum of understanding
- 7FReview by the Treasury
- 7GRight to obtain documents and information
- 7HRestriction on disclosing information
- 8Payments in lieu of dividends.
- Supplementary
- 9Consequential amendments.
- Part 1A: Financial Stability
- Financial stability strategy of the Bank
- 9AFinancial stability strategy
- Financial Policy Committee of the Bank
- 9BFinancial Policy Committee
- 9CObjectives of the Financial Policy Committee
- 9DSpecification of matters relevant to economic policy
- 9ERecommendations by Treasury
- 9FOther general duties
- 9GFunctions of the Financial Policy Committee
- Directions by Financial Policy Committee
- 9HDirections to FCA or PRA requiring macro-prudential measures
- 9ICompliance with directions under section 9H
- 9JRevocation of directions under section 9H
- 9KFurther provisions about directions under section 9H
- 9LMacro-prudential measures
- 9MStatements of policy by Financial Policy Committee
- 9NParliamentary control of orders under section 9L
- Recommendations by Financial Policy Committee
- 9OMaking of recommendations within the Bank
- 9PRecommendations to Treasury
- 9QRecommendations to FCA and PRA
- 9RRecommendations to other persons
- Explanation
- 9SDuty to prepare explanation
- Review
- 9TDuty to review directions and recommendations
- Publication of record of meetings
- 9UPublication of record of meetings
- 9VDeferred publication
- Financial stability reports by Financial Policy Committee
- 9WFinancial stability reports by Financial Policy Committee
- Meetings between Governor and Chancellor of the Exchequer
- 9XMeetings between Governor and Chancellor of the Exchequer
- Power of Bank to require FCA ... to provide information
- 9YDirections requiring information or documents
- 9ZFurther provisions about directions under section 9Y
- Supplementary
- 9ZAInterpretation of Part 1A
- Part II: Monetary Policy
- Role of the Bank
- 10Operational responsibility.
- 11Objectives.
- 12Specification of matters relevant to objectives.
- Monetary Policy Committee of the Bank
- 13Monetary Policy Committee.
- 14Publication of statements about decisions.
- 15Publication of minutes of meetings.
- 16Functions of court of directors .
- Information and reports
- 17Power to obtain information.
- 18Reports.
- Treasury’s reserve powers
- 19Reserve powers.
- Supplementary
- 20Interpretation of Part II.
- Part III: Transfer of supervisory functions of the Bank to the Financial Services Authority
- ...
- 21Transfer. Repealed
- 22Supplementary provisions.
- 23Consequential amendments.
- ...
- 24Status. Repealed
- 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Consequential changes to banking bodies
- 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Supplementary
- 30Interpretation of Part III.
- Part 3A: Prudential regulation
- 30APrudential Regulation Committee
- 30BRecommendations by Treasury
- 30COperational independence
- Part 3B: Central counterparties and central securities depositories
- 30DExercise of functions relating to CCPs and CSDs
- 30ERegulatory principles
- 30FFinancial Market Infrastructure Committee
- 30GFunctions of the Financial Market Infrastructure Committee
- 30HInformation
- 30IRecommendations by Treasury
- Part IV: Miscellaneous and general
- Miscellaneous
- 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 33Closure of National Savings Stock Register to gilts.
- 34Provision of brokerage service in connection with gilt registration.
- 35Section 207 of the Companies Act 1989: bearer securities. Repealed
- 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- General
- 37Restriction on disclosure of information.
- 38Offences in relation to supplying information to the Bank.
- 39Offences by bodies corporate.
- 40Orders.
- 41General interpretation.
- 42Transitional provisions and savings.
- 43Repeals.
- Final provisions
- 44Extent.
- 45Commencement.
- 46Short title.
- Schedule 1: Court of directors
- Terms of office
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3 Repealed
- 4Paragraph 4
- Qualification for appointment
- 5Paragraph 5
- 6Paragraph 6
- Removal from office
- 7Paragraph 7
- 8Paragraph 8
- Powers
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- Meetings
- 12Paragraph 12
- Publication of record of meetings
- 12AParagraph 12A
- Proceedings
- 13Paragraph 13
- Remuneration
- 14Paragraph 14
- 15Paragraph 15
- Schedule 2: Cash ratio deposits Repealed
- Eligible institutions Repealed
- 1Paragraph 1 Repealed
- Liability base Repealed
- 2Paragraph 2 Repealed
- Call notices Repealed
- 3Paragraph 3 Repealed
- Calculation of depositable amount Repealed
- 4Paragraph 4 Repealed
- Value bands and applicable ratios Repealed
- 5Paragraph 5 Repealed
- Effect of call notice Repealed
- 6Paragraph 6 Repealed
- Benchmark rate of interest Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- Power to obtain information Repealed
- 9Paragraph 9 Repealed
- Orders Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- Interpretation Repealed
- 12Paragraph 12 Repealed
- Modifications for new entrants Repealed
- 13Paragraph 13 Repealed
- Schedule 2ZA: Bank of England levy
- 1“The levy”
- 2“Eligible institutions”
- 3“Levy year”
- 4“Anticipated levy requirement”
- 5Liability to pay the levy
- 6Payment of the levy
- 7Recovery of the levy
- 8Interest
- 9Power to obtain information
- 10Regulations
- Schedule 2A: Financial Policy Committee
- Terms of office of appointed members
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Qualification for appointment
- 6Paragraph 6
- Removal of appointed members
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Meetings
- 10Paragraph 10
- Proceedings
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Decisions otherwise than at meetings
- 15Paragraph 15
- Power to determine own procedure
- 16Paragraph 16
- Schedule 3: Monetary Policy Committee
- Terms of office of appointed members
- 1Paragraph 1
- 2Paragraph 2 Repealed
- 2AParagraph 2A
- 2BParagraph 2B
- 3Paragraph 3
- 4Paragraph 4
- Qualification for appointment
- 5Paragraph 5
- 5AParagraph 5A
- 6Paragraph 6
- Removal of appointed members
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Meetings
- 10Paragraph 10
- Proceedings
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 13AParagraph 13A
- 13BParagraph 13B
- Report to court of directors of the Bank
- 14Paragraph 14
- Parliamentary disqualification
- 15Paragraph 15
- Schedule 4: Transfer of functions: supplementary provisions
- Continuity of exercise of functions
- 1Paragraph 1
- Transfer of staff
- 2Paragraph 2
- Transfer of property, rights and liabilities
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Schedule 5: Transfer of functions: consequential amendments
- Part I: Banking supervision
- Chapter I: Banking Act 1987
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- 16Paragraph 16 Repealed
- 17Paragraph 17 Repealed
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- Chapter II: Banking Coordination (Second Council Directive) Regulations 1992
- 21Paragraph 21 Repealed
- 22Paragraph 22 Repealed
- 23Paragraph 23 Repealed
- 24Paragraph 24 Repealed
- 25Paragraph 25 Repealed
- 26Paragraph 26 Repealed
- 27Paragraph 27 Repealed
- 28Paragraph 28 Repealed
- 29Paragraph 29 Repealed
- 30Paragraph 30 Repealed
- 31Paragraph 31 Repealed
- 32Paragraph 32 Repealed
- 33Paragraph 33 Repealed
- 34Paragraph 34 Repealed
- 35Paragraph 35 Repealed
- Chapter III: Other Enactments
- Consumer Credit Act 1974 (c. 39)
- 36Paragraph 36
- Insolvency Act 1986 (c. 45)
- 37Paragraph 37
- Building Societies Act 1986 (c. 53)
- 38Paragraph 38
- Financial Services Act 1986 (c. 60)
- 39Paragraph 39 Repealed
- Insolvency (Northern Ireland) Order 1989 S.I. 1989/2405 (N.I. 19)
- 40Paragraph 40
- Courts and Legal Services Act 1990 (c. 41)
- 41Paragraph 41
- Charities Act 1993 (c. 10)
- 42Paragraph 42 Repealed
- Building Societies Act 1997 (c. 32)
- 43Paragraph 43
- Part II: Supervision under section 43 of the Financial Services Act 1986
- Financial Services Act 1986 (c. 60)
- 44Paragraph 44 Repealed
- Investment Services Regulations 1995 (S.I. 1995/3275)
- 45Paragraph 45 Repealed
- Part III: Supervision under section 171 of the Companies Act 1989
- Companies Act 1989 (c. 40)
- 46Paragraph 46
- 47Paragraph 47 Repealed
- 48Paragraph 48
- Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- Part IV: General: disclosure of information
- Chapter I: Banking Act 1987
- 52Paragraph 52 Repealed
- 53Paragraph 53 Repealed
- 54Paragraph 54 Repealed
- 55Paragraph 55 Repealed
- 56Paragraph 56 Repealed
- 57Paragraph 57 Repealed
- 58Paragraph 58 Repealed
- 59Paragraph 59 Repealed
- Chapter II: Other Enactments
- Consumer Credit Act 1974 (c. 39)
- 60Paragraph 60
- Insurance Companies Act 1982 (c. 50)
- 61Paragraph 61 Repealed
- Companies Act 1985 (c. 6)
- 62Paragraph 62 Repealed
- Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))
- 63Paragraph 63 Repealed
- Building Societies Act 1986 (c. 53)
- 64Paragraph 64
- Financial Services Act 1986 (c. 60)
- 65Paragraph 65 Repealed
- Companies Act 1989 (c. 40)
- 66Paragraph 66 Repealed
- Courts and Legal Services Act 1990 (c. 41)
- 67Paragraph 67 Repealed
- Friendly Societies Act 1992 (c. 40)
- 68Paragraph 68 Repealed
- Pension Schemes Act 1993 (c. 48)
- 69Paragraph 69
- Pension Schemes (Northern Ireland) Act 1993 (c.49)
- 70Paragraph 70
- Pensions Act 1995 (c. 26)
- 71Paragraph 71 Repealed
- Pensions (Northern Ireland) Order 1995 (S.I. 1995/3213 (N.I. 22))
- 72Paragraph 72
- Schedule 6
- Powers
- 1Paragraph 1
- Consultation
- 2Paragraph 2
- Mode of exercise
- 3Paragraph 3
- Publication
- 4Paragraph 4
- Proof of regulations
- 5Paragraph 5
- Schedule 6A: Prudential Regulation Committee
- Interpretation
- 1Paragraph 1
- Appointment of members by Chancellor
- 2Paragraph 2
- Term of office of appointed members
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Terms and conditions of appointment
- 7Paragraph 7
- Qualification for appointment
- 8Paragraph 8
- Removal of appointed members
- 9Paragraph 9
- Decision making
- 10Paragraph 10
- Meetings
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- Decisions otherwise than at meetings
- 16Paragraph 16
- Delegation of functions
- 17Paragraph 17
- Prudential regulation budget
- 18Paragraph 18
- Annual reports
- 19Paragraph 19
- Schedule 7: Restriction on disclosure of information
- Restricted information
- 1Paragraph 1
- Disclosure for the purposes of the Bank’s functions
- 2Paragraph 2
- Disclosure by the Bank to other authorities
- 3Paragraph 3
- Onward disclosure
- 4Paragraph 4
- Other permitted disclosures
- 5Paragraph 5
- Schedule 8: Transitional provisions and savings
- Bank’s immunity from suit
- 1Paragraph 1 Repealed
- Disclosure of information
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- Pre-commencement consultation
- 6Paragraph 6
- Membership of the Deposit Protection Board
- 7Paragraph 7 Repealed
- Schedule 9: Repeals and revocations
- IRepeals
- IIPart II