Section 16

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

2 In section 2 (functions of court of directors), for subsection (5) substitute -

"(5) Subsections (2) to (4) are subject to -

(a) section 2A (Financial Stability Objective);

(b) section 11 (objectives in relation to monetary policy);

(c) Part 1A of the Financial Services and Markets Act 2000 (objectives and strategy of the Prudential Regulation Authority)."

3 In section 2A(2) (financial stability objective) for ", the Financial Conduct Authority and the Prudential Regulation Authority)" substitute "and the Financial Conduct Authority)".

4

(1) Section 3A (oversight functions) is amended as follows.

(2) In subsection (2)(a) -

(a) in sub-paragraph (i), after "Act" insert ", the objectives specified in relation to the Prudential Regulation Authority in Part 1A of the Financial Services and Markets Act 2000";