9(1)Section 4 (annual report by the Bank) is amended as follows.
(2)For subsection (2)(a) substitute—
“(a)a report by the court of directors on the matters which it reviews, monitors or otherwise considers in the performance of its oversight functions (as defined by section 3A(2)),”.
(3)In subsection (2)(b)—
(a)for “statement” substitute “statements”;
(b)after “7(2)” insert “and (2A)”;
(c)for “it” substitute “them”.
(4)Omit subsection (3).
(5)After subsection (6) insert—
“(7)The Chancellor may comply with subsection (6) by laying a document containing a report under this section together with a report by the Prudential Regulation Authority under paragraph 19 of Schedule 1ZB to the Financial Services and Markets Act 2000.”