(1) The Comptroller and Auditor General ("the Comptroller") may carry out examinations into -
(a) the economy, efficiency and effectiveness with which the Bank has used its resources in discharging its functions;
(b) the economy, efficiency and effectiveness with which a Bank company has used its resources in discharging its functions.
(2) An examination under this section may be limited to such functions (however described) of the Bank or the Bank company as the Comptroller considers appropriate.
(3) An examination under this section is not to be concerned with the merits of the Bank's policy objectives.
(4) An examination under this section is not to be concerned with the merits of -
(a) policy decisions taken by the Financial Policy Committee, the Monetary Policy Committee or the Prudential Regulation Committee;
(b) policy decisions taken by a committee or other body within the Bank for the time being having responsibilities for the supervision of payment systems, settlement systems
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