(1) The Bank of England Act 1998 is amended as follows.

(2) In section 1(2) (court of directors) after paragraph (b) insert -

“(ba) a Deputy Governor for markets and banking,”.

(3) After section 1 insert -

“1A Power to alter membership of court of directors

(1) The Treasury, after consulting the Governor of the Bank, may by order amend the list in section 1(2) so as to -

(a) alter the title of a Deputy Governor;

(b) add a Deputy Governor to the list;

(c) remove a Deputy Governor from the list.

(2) An order under subsection (1)(a) or (c) must (by making saving provision or otherwise) secure that the alteration in the title of a Deputy Governor or the removal of a Deputy Governor from the list in section 1(2) does not have effect in relation to the individual (if any) who holds that office at the time the order is made.

(3) An order under subsection (1)(b) may also add the Deputy Governor to which the order relates to the list in -

(a) section 9B(1) (membership of Financial Policy Committee);