Schedule 1, Part 1 Schedule to be inserted as Schedule 2A to Bank of England Act 1998

Section 4.

This is the Schedule to be inserted in the Bank of England Act 1998 after Schedule 2 -

"Schedule 2A Financial Policy Committee          Section 9B

Terms of office of appointed members

1

(1) Appointment under section 9B(1)(d) or (e) as a member of the Financial Policy Committee is to be for a period of 3 years, but this is subject to sub-paragraph (2) and to paragraph 3.

(2) Initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.

2

(1) A person may not be appointed as a member of the Committee under section 9B(1)(e) more than twice.

(2) For this purpose an appointment which by virtue of paragraph 1(2) is for a period of less than 3 years is to be disregarded.

3

(1) If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the term for which a person is appointed as a member of the Committee under section 9B(1)(e)

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