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Bank of England Act 1998

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Section 13.

SCHEDULE 3E+W+S+N.I. Monetary Policy Committee

Terms of office of appointed membersE+W+S+N.I.

1Appointment as a member of the Committee under section 13(2)(b) or (c) shall be for a period of 3 years, [F1but this is subject to paragraph 2B].E+W+S+N.I.

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Amendments (Textual)

F1Words in Sch. 3 para. 1 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(2) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F2Sch. 3 para. 2 omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(3) (with Sch. 2 paras. 2(11), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

[F32AA person may not be appointed as a member of the Committee under section 13(2)(c) more than twice.]E+W+S+N.I.

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Amendments (Textual)

F3Sch. 3 para. 2A inserted (1.6.2009) by Banking Act 2009 (c. 1), ss. 243(3), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 6

[F42B(1)If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the 3 years for which a person is appointed as a member of the Committee under section 13(2)(c), extend the persons's term of office on one occasion for a specified period of not more than 6 months.E+W+S+N.I.

(2)The term being extended may be the person's first or second term.

(3)If a person whose first term of office is extended is subsequently re-appointed under section 13(2)(c)—

(a)the length of the second term is to be reduced by a period equal to the extension of the first term, but

(b)the second term may itself subsequently be extended under sub-paragraph (1).]

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Amendments (Textual)

F4Sch. 3 para. 2B inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(4) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

3[F5(1)]A person appointed under section 13(2)(b) or (c) may resign his office by written notice to the Bank.E+W+S+N.I.

[F6(2)Where the notice relates to a person appointed under section 13(2)(c), the Bank must give a copy of the notice to the Treasury.]

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Amendments (Textual)

F5Sch. 3 para. 3(1): Sch. 3 para. 3 renumbered as Sch. 3 para. 3(1) (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(5)(a) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F6Sch. 3 para. 3(2) inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(5)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

4F7(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

[F8(2)The terms and conditions on which a person holds office as a member of the Committee appointed under section 13(2)(c) are to be such as the Oversight Committee may determine.]

F9(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F7Sch. 3 para. 4(1) omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(6)(a) (with Sch. 2 paras. 2(11), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F8Sch. 3 para. 4(2) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(6)(b) (with Sch. 2 paras. 2(11), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F9Sch. 3 para. 4(3) omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(6)(c) (with Sch. 2 paras. 2(11), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

Qualification for appointmentE+W+S+N.I.

5A person is disqualified for appointment under section 13(2)(b) or (c) if—E+W+S+N.I.

(a)he is a Minister of the Crown, or a person serving in a government department in employment in respect of which remuneration is payable out of money provided by Parliament, or

(b)he is a member of the court of directors of the Bank.

[F105AA member of the Financial Policy Committee of the Bank appointed under section 9B(1)(e) is disqualified for appointment under section 13(2)(c).]E+W+S+N.I.

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Amendments (Textual)

F10Sch. 3 para. 5A inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(7) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

6The fact that a person has held office under section 13(2)(b) or (c) does not disqualify him for further appointment to such office [F11(subject to paragraph 2A)].E+W+S+N.I.

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Amendments (Textual)

F11Words in Sch. 3 para. 6 inserted (1.6.2009) by Banking Act 2009 (c. 1), ss. 243(4), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 6

Removal of appointed membersE+W+S+N.I.

7A person appointed under section 13(2)(b) or (c) shall vacate office if he becomes a person to whom paragraph 5(a) or (b) applies.E+W+S+N.I.

8A person appointed under section 13(2)(b) shall vacate office if he ceases to have executive responsibility within the Bank for monetary policy analysis or, as the case may be, monetary policy operations.E+W+S+N.I.

9(1)The [F12Oversight Committee] may, with the consent of the Chancellor of the Exchequer, remove a member appointed under section 13(2)(b) or (c) if it is satisfied—E+W+S+N.I.

(a)that he has been absent from the [F13meetings of the Monetary Policy Committee] for more than 3 months without [F13that Committee's consent],

(b)that he has become bankrupt [F14, that a debt relief order (under Part 7A of the Insolvency Act 1986) has been made in respect of him], that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or

(c)that he is unable or unfit to discharge his functions as a member.

F15(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F12Words in Sch. 3 para. 9(1) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(a)(i) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F13Words in Sch. 3 para. 9(1)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(a)(ii) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

F15Sch. 3 para. 9(2) omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

MeetingsE+W+S+N.I.

10(1)The Committee shall meet at least once a month.E+W+S+N.I.

F16(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F16Words in Sch. 3 para. 10(2) repealed (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(9) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

ProceedingsE+W+S+N.I.

11(1)At a meeting of the Committee, the proceedings shall be regulated as follows.E+W+S+N.I.

(2)The quorum shall be 6, of whom 2 must hold office as Governor or Deputy Governor of the Bank.

F17(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Decisions shall be taken by a vote of all those members present at the meeting.

(5)In the event of a tie, the chairman shall have a second casting vote.

(6)Subject to sub-paragraphs (2) to (5), the Committee shall determine its own procedure.

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Amendments (Textual)

F17Words in Sch. 3 para. 11(3) repealed (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(9) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

12The Committee may, in relation to sub-paragraph (2), (3) or (4) of paragraph 11, determine circumstances in which a member who is not present at, but is in communication with, a meeting, is to be treated for the purposes of that sub-paragraph as present at it.E+W+S+N.I.

13A representative of the Treasury may attend, and speak at, any meeting of the Committee.E+W+S+N.I.

[F1813AThe Committee may invite other persons to attend, or to attend and speak at, any meeting of the Committee.]E+W+S+N.I.

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Amendments (Textual)

F18Sch. 3 para. 13A inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(10) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.

Report to court of directors of the BankE+W+S+N.I.

14The Committee shall submit a monthly report on its activities to the court of directors of the Bank.E+W+S+N.I.

Parliamentary disqualificationE+W+S+N.I.

15In Part III of Schedule 1 to the M1House of Commons Disqualification Act 1975 (other disqualifying offices), there is inserted at the appropriate place— “ Member of the Monetary Policy Committee of the Bank of England appointed under section 13(2)(b) or (c) of the Bank of England Act 1998. ”;E+W+S+N.I.

and a corresponding amendment is made in Part III of Schedule 1 to the M2Northern Ireland Assembly Disqualification Act 1975.

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