(1) There shall be a sub-committee of the court of directors of the Bank (the "Financial Stability Committee") consisting of -
(a) the Governor of the Bank, who shall chair the Committee (when present),
(b) the Deputy Governors of the Bank, and
(c) 4 directors of the Bank, appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1).
(2) The Committee shall have the following functions -
(a) to make recommendations to the court of directors, which they shall consider, about the nature and implementation of the Bank's strategy in relation to the Financial Stability Objective,
(b) to give advice about whether and how the Bank should act in respect of an institution, where the issue appears to the Committee to be relevant to the Financial Stability Objective,
(c) in particular, to give advice about whether and how the Bank should use stabilisation powers under Part 1 of the Banking Act 2009 in particular cases,
(d) to monitor the Bank's use of the st