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Bank of England Act 1998

1998 CHAPTER 11

ARRANGEMENT OF SECTIONS

Go to Preamble

  1. Part I

    Constitution, regulation and financial arrangements

    1. Constitution and regulation

      1. 1. Court of directors.

      2. 2. Functions of court of directors.

      3. 3. Functions to be carried out by non-executive members.

      4. 4. Annual report by the Bank.

      5. 5. Custody and use of the seal.

    2. Financial arrangements

      1. 6. Cash ratio deposits.

      2. 7. Accounts.

      3. 8. Payments in lieu of dividends.

    3. Supplementary

      1. 9. Consequential amendments.

  2. Part II

    Monetary Policy

    1. Role of the Bank

      1. 10. Operational responsibility.

      2. 11. Objectives.

      3. 12. Specification of matters relevant to objectives.

    2. Monetary Policy Committee of the Bank

      1. 13. Monetary Policy Committee.

      2. 14. Publication of statements about decisions.

      3. 15. Publication of minutes of meetings.

      4. 16. Functions of court of directors.

    3. Information and reports

      1. 17. Power to obtain information.

      2. 18. Reports.

    4. Treasury’s reserve powers

      1. 19. Reserve powers.

    5. Supplementary

      1. 20. Interpretation of Part II.

  3. Part III

    Transfer of supervisory functions of the Bank to the Financial Services Authority

    1. Transfer of functions to the Authority

      1. 21. Transfer.

      2. 22. Supplementary provisions.

      3. 23. Consequential amendments.

    2. Authority’s position in relation to transferred functions

      1. 24. Status.

      2. 25. Liability.

      3. 26. Power to charge fees.

      4. 27. Power to channel information through agent.

    3. Consequential changes to banking bodies

      1. 28. Board of Banking Supervision.

      2. 29. Deposit Protection Board.

    4. Supplementary

      1. 30. Interpretation of Part III.

  4. Part IV

    Miscellaneous and general

    1. Miscellaneous

      1. 31. Qualifications of a designated agency.

      2. 32. Listed institutions: exemption of transactions with Treasury.

      3. 33. Closure of National Savings Stock Register to gilts.

      4. 34. Provision of brokerage service in connection with gilt registration.

      5. 35. Section 207 of the Companies Act 1989: bearer securities.

      6. 36. Disclosure of information: minor amendments.

    2. General

      1. 37. Restriction on disclosure of information.

      2. 38. Offences in relation to supplying information to the Bank.

      3. 39. Offences by bodies corporate.

      4. 40. Orders.

      5. 41. General interpretation.

      6. 42. Transitional provisions and savings.

      7. 43. Repeals.

    3. Final provisions

      1. 44. Extent.

      2. 45. Commencement.

      3. 46. Short title.

  5. Schedules:

    1. Schedule 1

      Court of directors.

    2. Schedule 2

      Cash ratio deposits.

    3. Schedule 3

      Monetary Policy Committee.

    4. Schedule 4

      Transfer of functions: supplementary provisions.

    5. Schedule 5

      Transfer of functions: consequential amendments.

      1. Part I

        Banking supervision.

      2. Part II

        Supervision under section 43 of the Financial Services Act 1986.

      3. Part III

        Supervision under section 171 of the Companies Act 1989.

      4. Part IV

        General: disclosure of information.

    6. Schedule 6

      Banking supervision fees.

    7. Schedule 7

      Restriction on disclosure of information.

    8. Schedule 8

      Transitional provisions and savings.

    9. Schedule 9

      Repeals and revocations.

      1. Part I

        Repeals.

      2. Part II

        Revocations.

An Act to make provision about the constitution, regulation, financial arrangements and functions of the Bank of England, including provision for the transfer of supervisory functions; to amend the Banking Act 1987 in relation to the provision and disclosure of information; to make provision relating to appointments to the governing body of a designated agency under the Financial Services Act 1986; to amend Schedule 5 to that Act; to make provision relating to the registration of Government stocks and bonds; to make provision about the application of section 207 of the Companies Act 1989 to bearer securities; and for connected purposes.

[23rd April 1998]

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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