SCHEDULES
SCHEDULE 2Amendments relating to Part 1
PART 1Bank of England Act 1998
20
I11
Schedule 2A (Financial Policy Committee) is amended as follows.
I12
In paragraph 5 for “Oversight Committee” substitute “
court of directors of the Bank
”
.
I23
In paragraph 6 for sub-paragraph (2) substitute—
2
The following persons are disqualified for appointment under section 9B(1)(e)—
a
a member of the Monetary Policy Committee of the Bank appointed under section 13(2)(c);
b
a member of the Prudential Regulation Committee of the Bank appointed under section 30A(2)(g).
I14
In paragraph 9—
a
in sub-paragraph (1) for “Oversight Committee” substitute “
court of directors of the Bank
”
;
b
in sub-paragraph (2) for “Oversight Committee” substitute “
court of directors
”
.
I15
In paragraph 11—
a
in sub-paragraph (2)(b) for “either” substitute “
one
”
;
b
omit sub-paragraph (8).
I16
In paragraph 14—
a
the existing text becomes sub-paragraph (1);
b
after that sub-paragraph insert—
2
The Bank must issue and maintain a code of practice describing how members of the Committee and the Committee are to comply with sub-paragraph (1).
3
The Bank may at any time revise or replace the code.
4
Before issuing, revising or replacing the code, the Bank must consult the Treasury.
5
The Bank must publish the current version of the code in whatever manner it sees fit.
6
The Committee must comply with the code when taking decisions under sub-paragraph (1)(b).
I17
After paragraph 14 insert—
Decisions otherwise than at meetings
15
1
The Committee may take a decision on a matter without a meeting if—
a
a majority of eligible members indicate in writing their agreement to the decision,
b
the eligible members who indicate in writing their agreement to the decision would have constituted a quorum at a meeting of the Committee, and
c
any other requirements determined by the Committee are met.
2
“Eligible members” are members of the Committee who would have been entitled to vote on the matter if the matter had been proposed for decision at a meeting of the Committee.
Power to determine own procedure
16
Subject to paragraphs 11, 14 and 15, the Committee is to determine its own procedure.