UK Act of Parliament
1998
United Kingdom
Bank of England Act 1998
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 189 other Schedules — structural / supplementary
The court may appoint such sub-committees as it thinks fit....
(1) The court may delegate such duties and powers as...
(1) The court shall meet at least 7 times in...
(1) The Bank must publish a record of each meeting...
(1) At a meeting of the court, the proceedings shall...
(A1) The remuneration of the Governor and Deputy Governors of...
A non-executive director of the Bank shall be entitled to...
(1) Appointment as non-executive director of the Bank shall be...
Court of directors
A person appointed as Governor, Deputy Governor or non-executive director...
(1) A person is disqualified for appointment as Governor, Deputy...
(1) The fact that a person has held office as...
(1) A person appointed as Governor or Deputy Governor of...
(1) The Bank may, with the consent of the Chancellor...
The court may act notwithstanding the existence of one or...
(1) Each deposit-taker is an eligible institution for the purposes...
Before making an order under this Schedule, the Treasury shall...
In exercising the power to make orders under paragraph 2(2)...
In this Schedule— “reference period”, in relation to a call...
(1) In its application to the first call notice to...
(1) For the purposes of this Schedule, the liability base...
(1) The Bank may give an eligible institution notice under...
(1) In the case of any call notice, the amount...
The Treasury may by order specify for the purposes of...
(1) Where the Bank has given an eligible institution a...
(1) The benchmark rate of interest for the purposes of...
The Treasury may by order amend or replace paragraph 7....
(1) The Bank may by notice in writing require an...
(1) Appointment under section 9B(1)(d) or (e) as a member...
(1) The Committee shall meet at least 4 times in...
(1) At a meeting of the Committee, the proceedings are...
The Committee may, in relation to sub-paragraph (2), (3), (4)...
The Committee may invite other persons to attend, or to...
(1) If a member of the Committee (“M”) has any...
(1) The Committee may take a decision on a matter...
Subject to paragraphs 11, 14 and 15, the Committee is...
(1) A person may not be appointed as a member...
(1) If it appears to the Chancellor of the Exchequer...
(1) A person appointed under section 9B(1)(d) or (e) may...
The terms and conditions on which a person holds office...
(1) The following persons are disqualified for appointment under section...
A person appointed under section 9B(1)(d) or (e) vacates office...
A person appointed under section 9B(1)(d) vacates office on ceasing...
(1) The court of directors of the Bank may, with...
“The levy”
Regulations
“Eligible institutions”
“Levy year”
“Anticipated levy requirement”
Liability to pay the levy
Payment of the levy
Recovery of the levy
Interest
Power to obtain information
Appointment as a member of the Committee under section 13(2)(b)...
(1) The Committee shall meet at least 8 times in...
(1) At a meeting of the Committee, the proceedings shall...
The Committee may, in relation to sub-paragraph (2), (3) or...
A representative of the Treasury may attend, and speak at,...
The Committee may invite other persons to attend, or to...
(1) If a member of the Committee (“M”) has any...
The Committee shall , at least 8 times in each...
In Part III of Schedule 1 to the House of...
Monetary Policy Committee
A person may not be appointed as a member of...
(1) If it appears to the Chancellor of the Exchequer...
(1) A person appointed under section 13(2)(b) or (c) may...
Monetary Policy Committee
A person is disqualified for appointment under section 13(2)(b) or...
The following persons are disqualified for appointment under section 13(2)(c)—...
The fact that a person has held office under section...
A person appointed under section 13(2)(b) or (c) shall vacate...
A person appointed under section 13(2)(b) shall vacate office if...
(1) The court of directors of the Bank may, with...
(1) The transfer of functions by this Part shall not...
The transfer of functions by this Part shall be regarded...
(1) The Bank shall make a scheme under this paragraph...
(1) The property, rights and liabilities capable of being transferred...
(1) A scheme under paragraph 3 may also contain provision—...
(1) A scheme under paragraph 3 may make such supplemental,...
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
In the Consumer Credit Act 1974, in section 16(3)(f), for...
In the Insolvency Act 1986, in section 422(1), for “Bank...
(1) Section 101 of the Building Societies Act 1986 is...
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
In the Insolvency (Northern Ireland) Order 1989, in Article 366,...
(1) The Courts and Legal Services Act 1990 is amended...
Transfer of functions: consequential amendments
(1) Section 32 of the Building Societies Act 1997 is...
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
The Companies Act 1989 is amended as follows.
Transfer of functions: consequential amendments
(1) Section 176 is amended as follows.
(1) The Companies (No. 2) (Northern Ireland) Order 1990 is...
Transfer of functions: consequential amendments
In article 93(3), for “and the Bank of England” there...
(1) Article 98 is amended as follows.
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
In section 174(3A) of the Consumer Credit Act 1974—
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
(1) The Building Societies Act 1986 is amended as follows....
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
(1) The Pension Schemes Act 1993 is amended as follows....
Transfer of functions: consequential amendments
(1) The Pension Schemes (Northern Ireland) Act 1993 is amended...
Transfer of functions: consequential amendments
In Article 105(1) of the Pensions (Northern Ireland) Order 1995,...
Transfer of functions: consequential amendments
Transfer of functions: consequential amendments
(1) Every application for authorisation under the Banking Act 1987...
(1) Before making regulations under paragraph 1, the Authority shall—...
Power to make regulations under paragraph 1 is exercisable by...
(1) Immediately after regulations under paragraph 1 are made they...
(1) The production of a printed copy of regulations purporting...
In this Schedule— “ chief executive for prudential regulation ”...
(1) Decisions of the Committee must be taken either—
The Governor of the Bank or any Deputy Governor of...
(1) At a meeting of the Committee, the proceedings are...
The chief executive of the Financial Conduct Authority must not...
(1) If a member of the Committee (“M”) has any...
(1) The Committee may determine circumstances in which a member...
(1) The Committee may take a decision on a matter...
(1) The Committee may delegate such of its functions as...
(1) The Committee must, with the approval of the court...
At least once a year the Committee must make a...
Before appointing a person as a member of the Committee...
(1) Appointment as a member of the Committee under section...
(1) A person may not be appointed as a member...
(1) If it appears to the Chancellor of the Exchequer...
(1) A person appointed under section 30A(2)(f) or (g) may...
(1) The terms on which a person is appointed as...
(1) The following persons are disqualified for appointment under section...
(1) A person appointed under section 30A(2)(f) or (g) vacates...
(1) Subject to sub-paragraph (2), information is restricted information for...
(1) Paragraph 1 does not preclude the disclosure of information...
(1) Paragraph 1 does not preclude the disclosure by the...
(1) Paragraph 1 does not preclude the disclosure by any...
Paragraph 1 does not preclude the disclosure of information—
Transitional provisions and savings
Transitional provisions and savings
Transitional provisions and savings
Transitional provisions and savings
Transitional provisions and savings
If, before the day on which this Act comes into...
Transitional provisions and savings
Browse 103 other sections — procedural / definitional / commencement
Court of directors.
Power to alter membership of court of directors
Functions of court of directors.
Financial Stability Objective
Macro-prudential measures: Article 458 of the capital requirements regulation
Financial Stability Committee
Financial Stability Committee: supplemental
Functions to be carried out by non-executive members.
Oversight functions of court of directors
Oversight Committee: procedure
Reviews
Publication of reports of performance reviews
Recommendations resulting from review
Oversight functions: further provisions
Annual report by the Bank.
Custody and use of the seal.
Cash ratio deposits.
Bank of England levy
Accounts.
Accounts of companies wholly owned by the Bank
Reports on Bank activities indemnified by Treasury
Accounts of Bank companies carrying on activities indemnified by Treasury
Examination by Comptroller and Auditor General
Memorandum of understanding
Review by the Treasury
Right to obtain documents and information
Restriction on disclosing information
Audit: role of Comptroller and Auditor General
Payments in lieu of dividends.
Consequential amendments.
Financial stability strategy
Financial Policy Committee
Objectives of the Financial Policy Committee
Specification of matters relevant to economic policy
Recommendations by Treasury
Other general duties
Functions of the Financial Policy Committee
Directions to FCA or PRA requiring macro-prudential measures
Compliance with directions under section 9H
Revocation of directions under section 9H
Further provisions about directions under section 9H
Macro-prudential measures
Statements of policy by Financial Policy Committee
Parliamentary control of orders under section 9L
Making of recommendations within the Bank
Recommendations to Treasury
Recommendations to FCA and PRA
Recommendations to other persons
Duty to prepare explanation
Duty to review directions and recommendations
Publication of record of meetings
Deferred publication
Financial stability reports by Financial Policy Committee
Meetings between Governor and Chancellor of the Exchequer
Directions requiring information or documents
Further provisions about directions under section 9Y
Interpretation of Part 1A
Operational responsibility.
Objectives.
Specification of matters relevant to objectives.
Monetary Policy Committee.
Publication of statements about decisions.
Publication of minutes of meetings.
Functions of court of directors .
Power to obtain information.
Reports.
Reserve powers.
Interpretation of Part II.
Transfer.
Supplementary provisions.
Consequential amendments.
Status.
Transfer of supervisory functions of the Bank to the Financial Services Authority
Transfer of supervisory functions of the Bank to the Financial Services Authority
Transfer of supervisory functions of the Bank to the Financial Services Authority
Transfer of supervisory functions of the Bank to the Financial Services Authority
Transfer of supervisory functions of the Bank to the Financial Services Authority
Interpretation of Part III.
Prudential Regulation Committee
Recommendations by Treasury
Operational independence
Exercise of functions relating to CCPs and CSDs
Regulatory principles
Financial Market Infrastructure Committee
Functions of the Financial Market Infrastructure Committee
Information
Recommendations by Treasury
Miscellaneous and general
Miscellaneous and general
Closure of National Savings Stock Register to gilts.
Provision of brokerage service in connection with gilt registration.
Section 207 of the Companies Act 1989: bearer securities.
Miscellaneous and general
Restriction on disclosure of information.
Offences in relation to supplying information to the Bank.
Offences by bodies corporate.
Orders.
General interpretation.
Transitional provisions and savings.
Repeals.
Extent.
Commencement.
Short title.
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Connected legislation
5 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (5)
- The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 2021
- The Bank of England Act 1998 (Macro-prudential Measures) (No.2) Order 2015 2015
- The Bank of England Act 1998 (Macro-prudential Measures) Order 2013 2013
- The Bank of England Act 1998 (Macro-prudential Measures) Order 2015 2015
- The Bank of England Act 1998 (Macro-prudential Measures) Order 2016 2016
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