50(1)Schedule 1ZB (Prudential Regulation Authority) is amended as follows.
(2)In the shoulder note, for “2A” substitute “2AB.”
(3)In paragraph 1—
(a)omit the definition of “the Bank”;
(b)for “2A(6)” substitute “2AB(3)”.
(4)Omit paragraphs 2 to 16 and 18.
(5)In paragraph 19 (annual report)—
(a)in sub-paragraph (1), in the words before paragraph (a), for “Treasury” substitute “Chancellor of the Exchequer”;
(b)omit sub-paragraph (3)(a);
(c)in sub-paragraph (4)—
(i)for “Treasury” substitute “Chancellor of the Exchequer”;
(ii)for “them” substitute “the Chancellor”;
(d)after sub-paragraph (4) insert—
“(5)The Chancellor may comply with sub-paragraph (4) by laying a document containing a report under this paragraph together with a report under section 4 of the Bank of England Act 1998.”
(6)Omit paragraphs 22 to 26.
(7)In paragraph 31—
(a)in sub-paragraph (2) for “2A(6)” substitute “2AB(3)”;
(b)in sub-paragraph (4) for “2A(6)(d)” substitute “2AB(3)(d)”.