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Schedule 2 Further amendments relating to Bank of England

Section 5.

Court of directors

1

(1) Schedule 1 to the Bank of England Act 1998 (which makes further provision about the court of directors) is amended as follows.

(2) For paragraph 1 substitute -

"1

(1) Appointment as Governor of the Bank shall be for a period of 8 years.

(2) Appointment as Deputy Governor of the Bank shall be for a period of 5 years.

(3) A person may not be appointed -

(a) as Governor, more than once, or

(b) as Deputy Governor, more than twice.

(4) A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank."

(3) In paragraph 2 -

(a) for "director" substitute "non-executive director", and

(b) for the words from "3 years" to the end substitute "4 years, or such shorter period as may be specified in the appointment".

(4) Omit paragraph 3.

(5) In paragraph 4, for "director" substitu

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