Bank of England Act 1998

Building Societies Act 1986 (c. 53)

64 (1) The Building Societies Act 1986 is amended as follows.

(2) In section 53, in subsection (5)—

(a) for “Bank of England”, in the first place where it occurs, there is substituted “Financial Services Authority”,

(b) for paragraph (b) there is substituted—

“(b) by the Authority of any of its functions under the Banking Act 1987 or as a supervisor of money market institutions;”, and

(c) for “Bank of England”, in the second place where it occurs, there is substituted “Authority”.

(3) In that section, after subsection (5) there is inserted—

“(5A) Nothing in subsection (1) above prohibits the disclosure of information to the Bank of England where, in the opinion of the Commission, it is desirable or expedient that the information should be disclosed with a view to facilitating the discharge—

(a) by the Commission of any of its functions under this Act; or

(b) by the Bank of any of its functions;

nor does subsection (1) above prohibit further disclosure of the information by the Bank of England with the consent of the Commission.”

(4) In section 54(3A)—

(a) for “Bank of England”, in the first place where it occurs, there is substituted “Financial Services Authority, other than in its capacity as a designated agency within the meaning of the [1986 c. 60.] Financial Services Act 1986,”, and

(b) for “Bank of England”, in the second place where it occurs, there is substituted “Financial Services Authority”.