(1) Paragraph 11 of Schedule 1 to the Bank of England Act 1998 (matters which may be delegated by court of directors) is amended as follows.

(2) In sub-paragraph (2) after “paragraph” insert -

“(a) include duties and powers conferred on the court of directors by section 9A (financial stability strategy), but

(b) except as mentioned in paragraph (a),”.

(3) After sub-paragraph (2) insert -

“(3) The court of directors retains responsibility for a duty or power which it delegates under this paragraph.”