Point in time view as at 01/06/1998.
Version Superseded: 01/06/2009
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Bank of England Act 1998. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
1Appointment as a member of the Committee under section 13(2)(b) or (c) shall be for a period of 3 years, except that initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.E+W+S+N.I.
2A person appointed under section 13(2)(b) or (c) in place of a person who ceased to hold office before the end of the term for which he was appointed shall be appointed for the remainder of that person’s term of office.E+W+S+N.I.
3A person appointed under section 13(2)(b) or (c) may resign his office by written notice to the Bank.E+W+S+N.I.
4(1)A person who holds office as a member of the Committee under section 13(2)(c) shall be a servant of the Bank.E+W+S+N.I.
(2)The terms and conditions of service under sub-paragraph (1) shall be such as the Bank may determine.
(3)The function of determining terms and conditions of service under sub-paragraph (2) shall stand delegated to the sub-committee constituted by section 3.
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.
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.E+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 Bank 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 Committee’s meetings for more than 3 months without the Committee’s consent,
(b)that he has become bankrupt, 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.
(2)The function of removing a member under sub-paragraph (1) shall stand delegated to the sub-committee constituted by section 3.
10(1)The Committee shall meet at least once a month.E+W+S+N.I.
(2)The Governor of the Bank (or in his absence the Deputy Governor of the Bank with executive responsibility for monetary policy) may summon a meeting at any time on giving such notice as in his judgment the circumstances may require.
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.
(3)The chair shall be taken by the Governor of the Bank or, if he is not present, the Deputy Governor of the Bank with executive responsibility for monetary policy.
(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.
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.
14The Committee shall submit a monthly report on its activities to the court of directors of the Bank.E+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.
Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: