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

(2) In section 2(2) (functions of court of directors) -

(a) the words from “determining the Bank’s objectives” to the end become paragraph (a);

(b) after that paragraph insert -

“(b) the functions mentioned in section 3A(2) (the “oversight functions”).”

(3) In section 3A (Oversight Committee) -

(a) omit subsection (1);

(b) in subsection (2), in the words before paragraph (a) for “functions of the Oversight Committee” substitute “oversight functions of the court of directors”;

(c) in subsection (2)(d) for “Oversight Committee” substitute “court of directors”;

(d) omit subsection (3);

(e) in the heading for “Committee” substitute “functions of court of directors”.