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Bank of England Act 1998 (c. 11)Introductory TextPart I Constitution, regulation and financial arrangements (ss. 1-9)Constitution and regulation (ss. 1-5)1. Court of directors1A. Power to alter membership of court of directors2. Functions of court of directors2A. Financial Stability Objective2AA. Macro-prudential measures: Article 458 of the capital requirements regulation2B. Financial Stability Committee2C. Financial Stability Committee: supplemental3. Functions to be carried out by non-executive members [Substituted with new ss. 3A-3F]3A. Oversight functions of court of directors3B. Oversight Committee: procedure3C. Reviews3D. Publication of reports of performance reviews3E. Recommendations resulting from review3F. Oversight functions: further provisions4. Annual report by the Bank5. Custody and use of the sealFinancial arrangements (ss. 6-8)6. Cash ratio deposits6A. Bank of England levy7. Accounts7ZA. Audit: role of Comptroller and Auditor General7A. Accounts of companies wholly owned by the Bank7B. Reports on Bank activities indemnified by Treasury7C. Accounts of Bank companies carrying on activities indemnified by Treasury7D. Examination by Comptroller and Auditor General7E. Memorandum of understanding7F. Review by the Treasury7G. Right to obtain documents and information7H. Restriction on disclosing information8. Payments in lieu of dividendsSupplementary (s. 9)9. Consequential amendmentsPart IA Financial Stability (ss. 9A-9AZ)Financial stability strategy of the Bank (s. 9A)9A. Financial stability strategyFinancial Policy Committee of the Bank (ss. 9B-9G)9B. Financial Policy Committee9C. Objectives of the Financial Policy Committee9D. Specification of matters relevant to economic policy9E. Recommendations by Treasury9F. Other general duties9G. Functions of the Financial Policy CommitteeDirections by Financial Policy Committee (ss. 9H-9N)9H. Directions to FCA or PRA requiring macro-prudential measures9I. Compliance with directions under section 9H9J. Revocation of directions under section 9H9K. Further provisions about directions under section 9H9L. Macro-prudential measures9M. Statements of policy by Financial Policy Committee9N. Parliamentary control of orders under section 9LRecommendations by Financial Policy Committee (ss. 9O-9R)9O. Making of recommendations within the Bank9P. Recommendations to Treasury9Q. Recommendations to FCA and PRA9R. Recommendations to other personsExplanation (s. 9S)9S. Duty to prepare explanationReview (s. 9T)9T. Duty to review directions and recommendationsPublication of record of meetings (ss. 9U-9V)9U. Publication of record of meetings9V. Deferred publicationFinancial stability reports by Financial Policy Committee (s. 9W)9W. Financial stability reports by Financial Policy CommitteeMeetings between Governor and Chancellor of the Exchequer (s. 9X)9X. Meetings between Governor and Chancellor of the ExchequerPower of Bank to require FCA to provide information (ss. 9Y-9Z)9Y. Directions requiring information or documents9Z. Further provisions about directions under section 9YSupplementary (s. 9ZA)9ZA. Interpretation of Part 1APart II Monetary Policy (ss. 10-20)Role of the Bank (ss. 10-12)10. Operational responsibility11. Objectives12. Specification of matters relevant to objectivesMonetary Policy Committee of the Bank (ss. 13-16)13. Monetary Policy Committee14. Publication of statements about decisions15. Publication of minutes of meetings16. Functions of court of directorsInformation and reports (ss. 17-18)17. Power to obtain information18. ReportsTreasury's reserve powers (s. 19)19. Reserve powersSupplementary (s. 20)20. Interpretation of Part IIPart III Transfer of supervisory functions of the Bank to the Financial Services Authority (ss. 21-30)21. Transfer22. Supplementary provisions23. Consequential amendments24. Status25. Liability26. Power to charge fees27. Power to channel information through agentConsequential changes to banking bodies (ss. 28-29)28. Board of Banking Supervision29. Deposit Protection BoardSupplementary (s. 30)30. Interpretation of Part IIIPart IIIA Prudential Regulation (ss. 30A-30C)30A. Prudential Regulation Committee30B. Recommendations by Treasury30C. Operational independencePart IIIB Central counterparties and central securities depositories (ss. 30D-30I)30D. Exercise of functions relating to CCPs and CSDs30E. Regulatory principles30F. Financial Market Infrastructure Committee30G. Functions of the Financial Market Infrastructure Committee30H. Information30I. Recommendations by TreasuryPart IV Miscellaneous and general (ss. 31-46)Miscellaneous (ss. 31-36)31. Qualifications of a designated agency32. Listed institutions: exemption of transactions with Treasury33. Closure of National Savings Stock Register to gilts34. Provision of brokerage service in connection with gilt registration35. Section 207 of the Companies Act 1989: bearer securities36. Disclosure of information: minor amendmentsGeneral (ss. 37-43)37. Restriction on disclosure of information38. Offences in relation to supplying information to the Bank39. Offences by bodies corporate40. Orders41. General interpretation42. Transitional provisions and savings43. RepealsFinal provisions (ss. 44-46)44. Extent45. Commencement46. Short titleSchedule 1 Court of directorsSchedule 2 Cash ratio depositsSchedule 2ZA Bank of England levySchedule 2A Financial Policy CommitteeSchedule 3 Monetary Policy CommitteeSchedule 4 Transfer of functions: supplementary provisionsSchedule 5 Transfer of functions: consequential amendmentsSchedule 5, Part I Banking supervisionSchedule 5, Part I Chapter I Banking Act 1987 (paras. 1-20)Schedule 5, Part I Chapter II Banking Coordination (Second Council Directive) Regulations 1992 (paras. 21-35)Schedule 5, Part I Chapter III Other Enactments (paras. 36-43)Schedule 5, Part II Supervision under section 43 of the Financial Services Act 1986 (paras. 44-45)Schedule 5, Part III Supervision under section 171 of the Companies Act 1989 (paras. 46-51)Schedule 5, Part IV General: disclosure of informationSchedule 5, Part IV Chapter I Banking Act 1987 (paras. 52-59)Schedule 5, Part IV Chapter II Other Enactments (paras. 60-72)Schedule 6 Banking supervision feesSchedule 6A Prudential Regulation CommitteeSchedule 7 Restriction on disclosure of informationSchedule 8 Transitional provisions and savingsSchedule 9 Repeals and revocationsSchedule 9, Part I RepealsSchedule 9, Part II Revocations
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 March 2017 - onwards
Version 7 of 7

Schedule 1 Court of directors

Section 1.

Terms of office

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.

2

(1) Appointment as non-executive director of the Bank shall be for a period of 4 years, or such shorter period as may be specified in the appointment.

(2) If it appears to Her Majesty that in the circumstances it is desirable to do so, Her Majesty may, before the end of the term for which a person is appointed as non-executive director, extend the person’s term of office on one occasion for a specified period of not more than 6 months.

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