Bank of England (Appointment of Governor) Bill (HC Bill 8)

1 Requirement of consent for appointment and removal of Governor

(1) In subsection (2) of section 1 of the Bank of England Act 1998 (appointment of
Governor, Deputy Governor and directors), for the words “all of whom shall
be appointed by Her Majesty” substitute “who shall be appointed—

(a) 5in the case of the Governor, by Her Majesty with the consent of the
Treasury Committee of the House of Commons, and

(b) in all other cases, by Her Majesty”.

(2) After subsection (4) of that section, insert—

“(5) The references in this section and in Schedule 1 to the Treasury
10Committee of the House of Commons—

(a) if the name of that Committee is changed, are to be treated as
references to that Committee by its new name, and

(b) if the functions of that Committee (or substantially
corresponding functions) become functions of a different
15Committee of the House of Commons, are to be treated as
references to the Committee by which those functions are
exercisable.

(6) Any question arising under subsection (5) is to be determined by the
Speaker of the House of Commons.”

(3) 20In paragraph 8 of Schedule 1 to that Act (removal from office of Governor,
Deputy Governor and directors), after the words “Chancellor of the
Exchequer” insert “and, in the case of the Governor, the consent of the Treasury
Committee of the House of Commons”.

2 Short title, commencement and extent

(1) This Act may be cited as the Bank of England (Appointment of Governor) Act
2012.

(2) This Act comes into force on the day on which it is passed.

(3) 5This Act extends to Northern Ireland.