9S. Duty to prepare explanation

(1) In connection with the exercise of any of the specified powers, the Financial Policy Committee must prepare an explanation of -

(a) the reasons for the Committee's decision to exercise the power, in the way in which it is being exercised, and

(b) the Committee's reasons for believing that the exercise of the power, in the way in which it is being exercised, is compatible with the duties of the Committee under the following provisions -

(i) section 9C(1) (as read with section 9C(4)), and

(ii) section 9F.

(2) The specified powers are -

(a) the power to give a direction under section 9H;

(b) the power to make recommendations under section 9O, so far as relating to the exercise of the Bank's functions in relation to payment systems, settlement systems, clearing houses and central securities depositories;

(c) the power to make recommendations under section 9P, so far as relating to the exercise by the Treasury of their power to make orders under any of the provisions mentioned in sub

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