Bank of England Bill

House of Commons portcullis

House of Commons

Session 1997-98
Internet Publications
Other Bills before Parliament

Bank of England Bill

This is the text of the Bank of England Bill, as presented to the House of Commons on 28 October 1997

EXPLANATORY AND FINANCIAL MEMORANDUM

Bank of England Bill

ARRANGEMENT OF CLAUSES

PART I

CONSTITUTION, REGULATION AND FINANCIAL ARRANGEMENTS

Constitution and regulation

Clause

1. Court of directors.

2. Functions of court of directors.

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

4. Annual report by the Bank.

5. Custody and use of the seal.

Financial arrangements

6. Cash ratio deposits.

7. Accounts.

8. Payments in lieu of dividends.

Supplementary

9. Consequential amendments.

PART II

MONETARY POLICY

Role of the Bank

10. Operational responsibility.

11. Objectives.

12. Specification of matters relevant to objectives.

Monetary Policy Committee of the Bank

13. Monetary Policy Committee.

14. Publication of statements about decisions.

15. Publication of minutes of meetings.

16. Functions of court of directors.

Information and reports

17. Power to obtain information.

18. Reports.

Treasury's reserve powers

19. Reserve powers.

Supplementary

20. Interpretation of Part II.

PART III

TRANSFER OF SUPERVISORY FUNCTIONS OF THE BANK TO THE FINANCIAL SERVICES AUTHORITY

Transfer of functions to the Authority

21. Transfer.

22. Supplementary provisions.

23. Consequential amendments.

Authority's position in relation to transferred functions

24. Status.

25. Liability.

26. Power to charge fees.

27. Power to channel information through agent.

Consequential changes to banking bodies

28. Board of Banking Supervision.

29. Deposit Protection Board.

Supplementary

30. Interpretation of Part III.

PART IV

MISCELLANEOUS AND GENERAL

Miscellaneous

31. Qualifications of a designated agency.

32. Listed institutions: exemption of transactions with Treasury.

33. Closure of National Savings Stock Register to gilts.

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

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

36. Disclosure of information: minor amendments.

General

37. Restriction on disclosure of information.

38. Offences in relation to supplying information to Bank.

39. Offences by bodies corporate.

40. Orders.

41. General interpretation.

42. Transitional provisions and savings.

43. Repeals.

Final provisions

44. Extent.

45. Commencement.

46. Short title.

SCHEDULES

    Schedule 1 - Court of directors.

    Schedule 2 - Cash ratio deposits.

    Schedule 3 - Monetary Policy Committee.

    Schedule 4 - Transfer of functions: supplementary provisions.

    Schedule 5 - Transfer of functions: consequential amendments.

    Part I - Banking supervision.

    Part II - Supervision under section 43 of the Financial Services Act 1986.

    Part III - Supervision under section 171 of the Companies Act 1989.

    Part IV - General: disclosure of information.

    Schedule 6 - Banking supervision fees.

    Schedule 7 - Restriction on disclosure of information.

    Schedule 8 - Transitional provisions and savings.

    Schedule 9 - Repeals and revocations.

    Part I - Repeals.

    Part II - Revocations.

© Parliamentary copyright 1997
Prepared 28 October 1997