Bank of England Act 1998

Section 42.

SCHEDULE 8 Transitional provisions and savings

Bank’s immunity from suit

1 Section 1(4) of the [1987 c. 22.] Banking Act 1987 (immunity in relation to things done or omitted in discharge of functions under the Act) shall continue to have effect without the amendments made by paragraph 2(c) of Schedule 5—

(a) in relation to things done or omitted before the day on which this Act comes into force, and

(b) in relation to anything done on or after that day for the purposes of, or in connection with, any proceedings arising from anything done or omitted before that day.

Disclosure of information

2 Sections 83 to 85 of the Banking Act 1987 (exceptions to restriction on disclosure of information received under or for the purposes of the Act) shall, in relation to information received before the day on which this Act comes into force, continue to have effect without the amendments made by paragraphs 53 to 55 of Schedule 5, but with the modifications mentioned in paragraphs 3 to 5 below.

3 (1) Section 83 is amended as follows.

(2) In subsection (1), paragraphs (a) and (c) are omitted.

(3) Subsections (2) and (3) are omitted.

4 (1) Section 84 is amended as follows.

(2) In subsection (1), in the Table, after entry 1 there is inserted—

“1A The Financial Services Authority.

Functions under the [1986 c. 60.] Financial Services Act 1986 (other than as a designated agency within the meaning of that Act), the Banking Act 1987 or section 171 of the [1989 c. 40.] Companies Act 1989.

;”and in entry 18, for “Bank” there is substituted “Financial Services Authority”.

(3) Subsections (2) and (3) are omitted.

(4) In subsection (6)(a)(i), for “Bank” there is substituted “Financial Services Authority”.

5 In section 85(1)(f), for “Bank” there is substituted “Financial Services Authority”.

Pre-commencement consultation

6 If, before the day on which this Act comes into force, anything is done which, had it been done after that day, would to any extent have satisfied—

(a) any requirement to consult before making an order under this Act, or

(b) any requirement of paragraph 2(1) of Schedule 6,

that requirement shall to that extent be taken to have been satisfied.

Membership of the Deposit Protection Board

7 The terms of a person’s appointment as an ordinary member of the Deposit Protection Board shall, if he holds office as such immediately before the coming into force of this Act, have effect after the coming into force of this Act as if any reference to the Bank were a reference to the Financial Services Authority and any reference to the Governor of the Bank were a reference to the Chairman of the Financial Services Authority.