(1)The court of directors of the Bank shall manage the Bank’s affairs, other than the formulation of monetary policy.
(2)In particular, the court’s functions under subsection (1) shall include determining the Bank’s objectives (including objectives for its financial management) and strategy.
(3)In determining the Bank’s objectives and strategy, the court’s aim shall be to ensure the effective discharge of the Bank’s functions.
(4)Subject to that, in determining objectives for the financial management of the Bank, the court’s aim shall be to ensure the most efficient use of the Bank’s resources.
[F1(5)Sections 2A and 11 set objectives for the Bank in relation to financial stability and monetary policy; and subsections (2) to (4) above are subject to those sections.]
Textual Amendments
F1 S. 2(5) added (1.6.2009) by Banking Act 2009 (c. 1) , ss. 238(2) , 263(1) (with s. 247 ); S.I. 2009/1296 , art. 2 , Sch. para. 1