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  1. Bank of England Act 1998 (c. 11)
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 23 April 1998

Bank of England Act 1998 (c. 11)

Consolidation Status: Updated to reflect all known changes
Comparing proposed amendment...
Introductory Text
Part I Constitution, regulation and financial arrangements (ss. 1-9)
Constitution and regulation (ss. 1-5)
In force
 1. Court of directors
In force
 1A. Power to alter membership of court of directors
In force
 2. Functions of court of directors
In force
 2A. Financial Stability Objective
Omitted
 2AA. Macro-prudential measures: Article 458 of the capital requirements regulation
Repealed
 2B. Financial Stability Committee
Repealed
 2C. Financial Stability Committee: supplemental
Deleted
 3. Functions to be carried out by non-executive members [Substituted with new ss. 3A-3F]
In force
 3A. Oversight functions of court of directors
Omitted
 3B. Oversight Committee: procedure
In force
 3C. Reviews
In force
 3D. Publication of reports of performance reviews
In force
 3E. Recommendations resulting from review
In force
 3F. Oversight functions: further provisions
In force
 4. Annual report by the Bank
In force
 5. Custody and use of the seal
Financial arrangements (ss. 6-8)
Omitted
 6. Cash ratio deposits
In force
 6A. Bank of England levy
In force
 7. Accounts
In force
 7ZA. Audit: role of Comptroller and Auditor General
In force
 7A. Accounts of companies wholly owned by the Bank
In force
 7B. Reports on Bank activities indemnified by Treasury
In force
 7C. Accounts of Bank companies carrying on activities indemnified by Treasury
In force
 7D. Examination by Comptroller and Auditor General
In force
 7E. Memorandum of understanding
In force
 7F. Review by the Treasury
In force
 7G. Right to obtain documents and information
In force
 7H. Restriction on disclosing information
In force
 8. Payments in lieu of dividends
Supplementary (s. 9)
In force
 9. Consequential amendments
Part IA Financial Stability (ss. 9A-9AZ)
Financial stability strategy of the Bank (s. 9A)
In force
 9A. Financial stability strategy
Financial Policy Committee of the Bank (ss. 9B-9G)
In force
 9B. Financial Policy Committee
In force
 9C. Objectives of the Financial Policy Committee
In force
 9D. Specification of matters relevant to economic policy
In force
 9E. Recommendations by Treasury
In force
 9F. Other general duties
In force
 9G. Functions of the Financial Policy Committee
Directions by Financial Policy Committee (ss. 9H-9N)
In force
 9H. Directions to FCA or PRA requiring macro-prudential measures
In force
 9I. Compliance with directions under section 9H
In force
 9J. Revocation of directions under section 9H
In force
 9K. Further provisions about directions under section 9H
In force
 9L. Macro-prudential measures
In force
 9M. Statements of policy by Financial Policy Committee
In force
 9N. Parliamentary control of orders under section 9L
Recommendations by Financial Policy Committee (ss. 9O-9R)
In force
 9O. Making of recommendations within the Bank
In force
 9P. Recommendations to Treasury
In force
 9Q. Recommendations to FCA and PRA
In force
 9R. Recommendations to other persons
Explanation (s. 9S)
In force
 9S. Duty to prepare explanation
Review (s. 9T)
In force
 9T. Duty to review directions and recommendations
Publication of record of meetings (ss. 9U-9V)
In force
 9U. Publication of record of meetings
In force
 9V. Deferred publication
Financial stability reports by Financial Policy Committee (s. 9W)
In force
 9W. Financial stability reports by Financial Policy Committee
Meetings between Governor and Chancellor of the Exchequer (s. 9X)
In force
 9X. Meetings between Governor and Chancellor of the Exchequer
Power of Bank to require FCA to provide information (ss. 9Y-9Z)
In force
 9Y. Directions requiring information or documents
In force
 9Z. Further provisions about directions under section 9Y
Supplementary (s. 9ZA)
In force
 9ZA. Interpretation of Part 1A
Part II Monetary Policy (ss. 10-20)
Role of the Bank (ss. 10-12)
In force
 10. Operational responsibility
In force
 11. Objectives
In force
 12. Specification of matters relevant to objectives
Monetary Policy Committee of the Bank (ss. 13-16)
In force
 13. Monetary Policy Committee
In force
 14. Publication of statements about decisions
In force
 15. Publication of minutes of meetings
In force
 16. Functions of court of directors
Information and reports (ss. 17-18)
In force
 17. Power to obtain information
In force
 18. Reports
Treasury's reserve powers (s. 19)
In force
 19. Reserve powers
Supplementary (s. 20)
In force
 20. Interpretation of Part II
Part III Transfer of supervisory functions of the Bank to the Financial Services Authority (ss. 21-30)
Omitted
 21. Transfer
In force
 22. Supplementary provisions
In force
 23. Consequential amendments
Omitted
 24. Status
Repealed
 25. Liability
Repealed
 26. Power to charge fees
Repealed
 27. Power to channel information through agent
Consequential changes to banking bodies (ss. 28-29)
Repealed
 28. Board of Banking Supervision
Repealed
 29. Deposit Protection Board
Supplementary (s. 30)
In force
 30. Interpretation of Part III
Part IIIA Prudential Regulation (ss. 30A-30C)
In force
 30A. Prudential Regulation Committee
In force
 30B. Recommendations by Treasury
In force
 30C. Operational independence
Part IIIB Central counterparties and central securities depositories (ss. 30D-30I)
In force
 30D. Exercise of functions relating to CCPs and CSDs
Partly in force
 30E. Regulatory principles
In force
 30F. Financial Market Infrastructure Committee
In force
 30G. Functions of the Financial Market Infrastructure Committee
In force
 30H. Information
Partly in force
 30I. Recommendations by Treasury
Part IV Miscellaneous and general (ss. 31-46)
Miscellaneous (ss. 31-36)
Repealed
 31. Qualifications of a designated agency
Repealed
 32. Listed institutions: exemption of transactions with Treasury
In force
 33. Closure of National Savings Stock Register to gilts
In force
 34. Provision of brokerage service in connection with gilt registration
Repealed
 35. Section 207 of the Companies Act 1989: bearer securities
Repealed
 36. Disclosure of information: minor amendments
General (ss. 37-43)
In force
 37. Restriction on disclosure of information
In force
 38. Offences in relation to supplying information to the Bank
In force
 39. Offences by bodies corporate
In force
 40. Orders
In force
 41. General interpretation
In force
 42. Transitional provisions and savings
In force
 43. Repeals
Final provisions (ss. 44-46)
In force
 44. Extent
In force
 45. Commencement
In force
 46. Short title
In force
 Schedule 1 Court of directors
Omitted
 Schedule 2 Cash ratio deposits
In force
 Schedule 2ZA Bank of England levy
In force
 Schedule 2A Financial Policy Committee
In force
 Schedule 3 Monetary Policy Committee
In force
 Schedule 4 Transfer of functions: supplementary provisions
Schedule 5 Transfer of functions: consequential amendments
Schedule 5, Part I Banking supervision
Repealed
 Schedule 5, Part I Chapter I Banking Act 1987 (paras. 1-20)
Repealed
 Schedule 5, Part I Chapter II Banking Coordination (Second Council Directive) Regulations 1992 (paras. 21-35)
In force
 Schedule 5, Part I Chapter III Other Enactments (paras. 36-43)
Repealed
 Schedule 5, Part II Supervision under section 43 of the Financial Services Act 1986 (paras. 44-45)
In force
 Schedule 5, Part III Supervision under section 171 of the Companies Act 1989 (paras. 46-51)
Schedule 5, Part IV General: disclosure of information
Repealed
 Schedule 5, Part IV Chapter I Banking Act 1987 (paras. 52-59)
In force
⚠ Schedule 5, Part IV Chapter II Other Enactments (paras. 60-72)
Repealed
 Schedule 6 Banking supervision fees
In force
 Schedule 6A Prudential Regulation Committee
In force
 Schedule 7 Restriction on disclosure of information
In force
 Schedule 8 Transitional provisions and savings
Schedule 9 Repeals and revocations
In force
 Schedule 9, Part I Repeals
Repealed
 Schedule 9, Part II Revocations
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