(1) The Bank of England has immunity in its capacity as a monetary authority.

(2) In this section -

(a) a reference to the Bank of England is a reference to the Bank and anyone who acts or purports to act as a director, officer, employee or agent of the Bank,

(b) "immunity" means immunity from liability in damages in respect of action or inaction, and

(c) a reference to the Bank's capacity as a monetary authority includes a reference to the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000, of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023, of its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018, of its functions under or in connection with this Act or as a resolution authority for the purposes of the recovery and resolution directive, of its other regulatory functions or of functions undertaken by the Bank for the purpose of or in connection with -

(i) acting as the central bank of the United Kingdom, or

(ii) protecting or enhancing the stability of the financial systems of the United Kingdom.