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Banking Act 1979

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This is the original version (as it was originally enacted).

4Annual report and list of recognised and licensed institutions

(1)The Bank shall, as soon as practicable after the end of each of its financial years, make a report to the Chancellor of the Exchequer on its activities in that year in the exercise of the functions conferred on it by this Act

(2)Every report under this section shall contain a list of the institutions which are recognised or licensed under this Act at the end of the financial year of the Bank to which the report relates.

(3)Every report under this section shall set out the principles on which the Bank is acting, at the end of the financial year of the Bank to which the report relates, with respect to—

(a)the interpretation and application of the criteria to be fulfilled by institutions applying for recognition or a licence; and

(b)the interpretation and application of the grounds for revocation of recognition or a licence ;

and shall specify any material change in those principles which was made in the course of the year in question or is proposed to be made in the following year.

(4)The Chancellor of the Exchequer shall lay a copy of every report made by the Bank under this section before each House of Parliament and the Bank shall arrange for the publication of every such report in such manner as it thinks appropriate.

(5)Any reference in this section to a financial year of the Bank is a reference to a period of twelve months ending on the last day of February.

(6)The Bank shall make available to any person, on request and on payment of such charge (if any) as the Bank may reasonably demand to cover the cost of preparation, a list of all the institutions which are recognised or licensed under this Act either at the date of the request or at such earlier date, being not more than one month earlier, as may be specified in the list.

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