Schedule 9, Part 1 New Part 5A of the Banking Act 2009 (para. 1)

Section 55

1 After Part 5 of the Banking Act 2009 (payment systems) insert -

"PART 5A WHOLESALE CASH DISTRIBUTION

Introduction

206C Overview and purpose

(1) This Part enables the Bank of England to oversee certain persons involved in wholesale cash distribution (as defined in section 206E).

(2) The Bank must exercise its powers under this Part for the purpose of managing risks to the effectiveness, resilience and sustainability of wholesale cash distribution -

(a) throughout the United Kingdom, or

(b) throughout any part of the United Kingdom.

206D Policy statement

(1) The Bank of England -

(a) must prepare a statement of its policy with respect to the exercise of its powers under this Part,

(b) must from time to time review the statement, and

(c) may prepare a revised statement.

(2) When preparing a statement under this section, the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the statement.

(3) After preparing a stateme

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