UK Act of Parliament 1998 United Kingdom

Bank of England Act 1998

Enforced by
PRA
Status
Amended (in force with amendments)
Penalty ceiling
Prosecution 1 of 13 obligations carry an unlimited fine. 12 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person2 Trader1

Plus 10 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Trader — also bound by 825 other Acts

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Financial Stability

0 of 27 sections shown
27 other sections in this Part — procedural and definitional
s.009 Financial stability strategy
s.009 Financial Policy Committee
s.009 Objectives of the Financial Policy Committee
s.009 Specification of matters relevant to economic policy
s.009 Recommendations by Treasury
s.009 Other general duties
s.009 Functions of the Financial Policy Committee
s.009 Directions to FCA or PRA requiring macro-prudential measures
s.009 Compliance with directions under section 9H
s.009 Revocation of directions under section 9H
s.009 Further provisions about directions under section 9H
s.009 Macro-prudential measures
s.009 Statements of policy by Financial Policy Committee
s.009 Parliamentary control of orders under section 9L
s.009 Making of recommendations within the Bank
s.009 Recommendations to Treasury
s.009 Recommendations to FCA and PRA
s.009 Recommendations to other persons
s.009 Duty to prepare explanation
s.009 Duty to review directions and recommendations
s.009 Publication of record of meetings
s.009 Deferred publication
s.009 Financial stability reports by Financial Policy Committee
s.009 Meetings between Governor and Chancellor of the Exchequer
s.009 Directions requiring information or documents
s.009 Further provisions about directions under section 9Y
s.009 Interpretation of Part 1A
Part 1

Constitution, regulation and financial arrangements

3 of 30 sections shown
s.007 Accounts. (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • Bank of England must keep proper accounts and prepare annual financial statementsStatutory regulator
s.007 Accounts of Bank companies carrying on activities indemnified by Treasury Regulated
  • Comply with Treasury direction to send accounts to the Comptroller and include audit exemption statementTrader
s.007 Audit: role of Comptroller and Auditor General Regulated
  • Consult Comptroller and Auditor General on audit scope and planAny Person
27 other sections in this Part — procedural and definitional
s.001 Power to alter membership of court of directors
s.002 Financial Stability Objective
s.002 Macro-prudential measures: Article 458 of the capital requirements regulation
s.002 Financial Stability Committee
s.002 Financial Stability Committee: supplemental
s.003 Oversight functions of court of directors
s.003 Oversight Committee: procedure
s.003 Reviews
s.003 Publication of reports of performance reviews
s.003 Recommendations resulting from review
s.003 Oversight functions: further provisions
s.006 Bank of England levy
s.007 Accounts of companies wholly owned by the Bank
s.007 Reports on Bank activities indemnified by Treasury
s.007 Examination by Comptroller and Auditor General
s.007 Memorandum of understanding
s.007 Review by the Treasury
s.007 Right to obtain documents and information
s.007 Restriction on disclosing information
Part 2

Monetary Policy

0 of 11 sections shown
Part 3

Prudential regulation

0 of 3 sections shown
3 other sections in this Part — procedural and definitional
s.030 Prudential Regulation Committee
s.030 Recommendations by Treasury
s.030 Operational independence
Part 3

Central counterparties and central securities depositories

0 of 6 sections shown
6 other sections in this Part — procedural and definitional
s.030 Exercise of functions relating to CCPs and CSDs
s.030 Regulatory principles
s.030 Financial Market Infrastructure Committee
s.030 Functions of the Financial Market Infrastructure Committee
s.030 Information
s.030 Recommendations by Treasury
Part 3

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

0 of 10 sections shown
Part 4

Miscellaneous and general

0 of 16 sections shown
Schedules

Schedules

10 of 189 shown
s.sch002a (1) If a member of the Committee (“M”) has any... Regulated
Other duties (1) — Crown / regulator
  • Bank of England must maintain conflict-of-interest code for its committeesStatutory regulator
s.sch002za “Anticipated levy requirement” Regulated
Other duties (1) — Crown / regulator
  • Bank of England must determine and publish annual levy requirement for policy functionsStatutory regulator
s.sch002za Payment of the levy Regulated
Other duties (1) — Crown / regulator
  • Bank of England must notify eligible institutions of levy detailsStatutory regulator
s.sch003 (1) If a member of the Committee (“M”) has any... Regulated
Other duties (1) — Crown / regulator
  • Committee members must disclose conflicts of interest; Bank must publish a code of practiceCrown / Minister / Government department
s.sch003 The Committee shall , at least 8 times in each... Regulated
Other duties (1) — Crown / regulator
  • Monetary Policy Committee must report to Bank's court of directors at least 8 times a yearStatutory regulator
s.sch006a The chief executive of the Financial Conduct Authority must not... Regulated
Other duties (1) — Crown / regulator
  • FCA chief executive must not participate in PRA-specific Committee decisionsStatutory regulator
s.sch006a (1) If a member of the Committee (“M”) has any... Regulated
Other duties (1) — Crown / regulator
  • Committee members must disclose conflicts of interestStatutory regulator
s.sch006a At least once a year the Committee must make a... Regulated
Other duties (1) — Crown / regulator
  • Committee must report annually to Chancellor on PRA resources and independenceStatutory regulator
s.sch006a Before appointing a person as a member of the Committee... Regulated
Other duties (1) — Crown / regulator
  • Chancellor must assess knowledge and conflicts before appointing Committee membersCrown / Minister / Government department
s.sch007 (1) Subject to sub-paragraph (2), information is restricted information for... Prosecution
  • Disclose restricted Bank of England information without consentAny Person

Unlimited fine

179 other schedules
s.sch001 (1) Appointment as Governor of the Bank shall be for...
s.sch001 The court may appoint such sub-committees as it thinks fit....
s.sch001 (1) The court may delegate such duties and powers as...
s.sch001 (1) The court shall meet at least 7 times in...
s.sch001 (1) The Bank must publish a record of each meeting...
s.sch001 (1) At a meeting of the court, the proceedings shall...
s.sch001 (A1) The remuneration of the Governor and Deputy Governors of...
s.sch001 A non-executive director of the Bank shall be entitled to...
s.sch001 (1) Appointment as non-executive director of the Bank shall be...
s.sch001 Court of directors
s.sch001 A person appointed as Governor, Deputy Governor or non-executive director...
s.sch001 (1) A person is disqualified for appointment as Governor, Deputy...
s.sch001 (1) The fact that a person has held office as...
s.sch001 (1) A person appointed as Governor or Deputy Governor of...
s.sch001 (1) The Bank may, with the consent of the Chancellor...
s.sch001 The court may act notwithstanding the existence of one or...
s.sch002 (1) Each deposit-taker is an eligible institution for the purposes...
s.sch002 Before making an order under this Schedule, the Treasury shall...
s.sch002 In exercising the power to make orders under paragraph 2(2)...
s.sch002 In this Schedule— “reference period”, in relation to a call...
s.sch002 (1) In its application to the first call notice to...
s.sch002 (1) For the purposes of this Schedule, the liability base...
s.sch002 (1) The Bank may give an eligible institution notice under...
s.sch002 (1) In the case of any call notice, the amount...
s.sch002 The Treasury may by order specify for the purposes of...
s.sch002 (1) Where the Bank has given an eligible institution a...
s.sch002 (1) The benchmark rate of interest for the purposes of...
s.sch002 The Treasury may by order amend or replace paragraph 7....
s.sch002 (1) The Bank may by notice in writing require an...
s.sch002a (1) Appointment under section 9B(1)(d) or (e) as a member...
s.sch002a (1) The Committee shall meet at least 4 times in...
s.sch002a (1) At a meeting of the Committee, the proceedings are...
s.sch002a The Committee may, in relation to sub-paragraph (2), (3), (4)...
s.sch002a The Committee may invite other persons to attend, or to...
s.sch002a (1) The Committee may take a decision on a matter...
s.sch002a Subject to paragraphs 11, 14 and 15, the Committee is...
s.sch002a (1) A person may not be appointed as a member...
s.sch002a (1) If it appears to the Chancellor of the Exchequer...
s.sch002a (1) A person appointed under section 9B(1)(d) or (e) may...
s.sch002a The terms and conditions on which a person holds office...
s.sch002a (1) The following persons are disqualified for appointment under section...
s.sch002a A person appointed under section 9B(1)(d) or (e) vacates office...
s.sch002a A person appointed under section 9B(1)(d) vacates office on ceasing...
s.sch002a (1) The court of directors of the Bank may, with...
s.sch002za “The levy”
s.sch002za Regulations
s.sch002za “Eligible institutions”
s.sch002za “Levy year”
s.sch002za Liability to pay the levy
s.sch002za Recovery of the levy
s.sch002za Interest
s.sch002za Power to obtain information
s.sch003 Appointment as a member of the Committee under section 13(2)(b)...
s.sch003 (1) The Committee shall meet at least 8 times in...
s.sch003 (1) At a meeting of the Committee, the proceedings shall...
s.sch003 The Committee may, in relation to sub-paragraph (2), (3) or...
s.sch003 A representative of the Treasury may attend, and speak at,...
s.sch003 The Committee may invite other persons to attend, or to...
s.sch003 In Part III of Schedule 1 to the House of...
s.sch003 Monetary Policy Committee
s.sch003 A person may not be appointed as a member of...
s.sch003 (1) If it appears to the Chancellor of the Exchequer...
s.sch003 (1) A person appointed under section 13(2)(b) or (c) may...
s.sch003 Monetary Policy Committee
s.sch003 A person is disqualified for appointment under section 13(2)(b) or...
s.sch003 The following persons are disqualified for appointment under section 13(2)(c)—...
s.sch003 The fact that a person has held office under section...
s.sch003 A person appointed under section 13(2)(b) or (c) shall vacate...
s.sch003 A person appointed under section 13(2)(b) shall vacate office if...
s.sch003 (1) The court of directors of the Bank may, with...
s.sch004 (1) The transfer of functions by this Part shall not...
s.sch004 The transfer of functions by this Part shall be regarded...
s.sch004 (1) The Bank shall make a scheme under this paragraph...
s.sch004 (1) The property, rights and liabilities capable of being transferred...
s.sch004 (1) A scheme under paragraph 3 may also contain provision—...
s.sch004 (1) A scheme under paragraph 3 may make such supplemental,...
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 In the Consumer Credit Act 1974, in section 16(3)(f), for...
s.sch005 In the Insolvency Act 1986, in section 422(1), for “Bank...
s.sch005 (1) Section 101 of the Building Societies Act 1986 is...
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 In the Insolvency (Northern Ireland) Order 1989, in Article 366,...
s.sch005 (1) The Courts and Legal Services Act 1990 is amended...
s.sch005 Transfer of functions: consequential amendments
s.sch005 (1) Section 32 of the Building Societies Act 1997 is...
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 The Companies Act 1989 is amended as follows.
s.sch005 Transfer of functions: consequential amendments
s.sch005 (1) Section 176 is amended as follows.
s.sch005 (1) The Companies (No. 2) (Northern Ireland) Order 1990 is...
s.sch005 Transfer of functions: consequential amendments
s.sch005 In article 93(3), for “and the Bank of England” there...
s.sch005 (1) Article 98 is amended as follows.
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 In section 174(3A) of the Consumer Credit Act 1974—
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 (1) The Building Societies Act 1986 is amended as follows....
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch005 (1) The Pension Schemes Act 1993 is amended as follows....
s.sch005 Transfer of functions: consequential amendments
s.sch005 (1) The Pension Schemes (Northern Ireland) Act 1993 is amended...
s.sch005 Transfer of functions: consequential amendments
s.sch005 In Article 105(1) of the Pensions (Northern Ireland) Order 1995,...
s.sch005 Transfer of functions: consequential amendments
s.sch005 Transfer of functions: consequential amendments
s.sch006 (1) Every application for authorisation under the Banking Act 1987...
s.sch006 (1) Before making regulations under paragraph 1, the Authority shall—...
s.sch006 Power to make regulations under paragraph 1 is exercisable by...
s.sch006 (1) Immediately after regulations under paragraph 1 are made they...
s.sch006 (1) The production of a printed copy of regulations purporting...
s.sch006a In this Schedule— “ chief executive for prudential regulation ”...
s.sch006a (1) Decisions of the Committee must be taken either—
s.sch006a The Governor of the Bank or any Deputy Governor of...
s.sch006a (1) At a meeting of the Committee, the proceedings are...
s.sch006a (1) The Committee may determine circumstances in which a member...
s.sch006a (1) The Committee may take a decision on a matter...
s.sch006a (1) The Committee may delegate such of its functions as...
s.sch006a (1) The Committee must, with the approval of the court...
s.sch006a (1) Appointment as a member of the Committee under section...
s.sch006a (1) A person may not be appointed as a member...
s.sch006a (1) If it appears to the Chancellor of the Exchequer...
s.sch006a (1) A person appointed under section 30A(2)(f) or (g) may...
s.sch006a (1) The terms on which a person is appointed as...
s.sch006a (1) The following persons are disqualified for appointment under section...
s.sch006a (1) A person appointed under section 30A(2)(f) or (g) vacates...
s.sch007 (1) Paragraph 1 does not preclude the disclosure of information...
s.sch007 (1) Paragraph 1 does not preclude the disclosure by the...
s.sch007 (1) Paragraph 1 does not preclude the disclosure by any...
s.sch007 Paragraph 1 does not preclude the disclosure of information—
s.sch008 Transitional provisions and savings
s.sch008 Transitional provisions and savings
s.sch008 Transitional provisions and savings
s.sch008 Transitional provisions and savings
s.sch008 Transitional provisions and savings
s.sch008 If, before the day on which this Act comes into...
s.sch008 Transitional provisions and savings

Connected legislation

Instruments made under this Act. They carry the detail the Act delegates.

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.