(1)The Bank shall keep proper accounts and records in relation to the accounts.
(2)The Bank shall prepare for each of its financial years a statement of accounts consisting of—
(a)a balance sheet as at the last day of the year, and
(b)a profit and loss account.
(3)In preparing accounts under subsection (2), the Bank shall be subject to requirements corresponding to the relevant Companies Act requirements, except insofar as the accounts relate to the Issue Department.
(4)The Bank may disregard a requirement to which it is subject under subsection (3) to the extent that it considers it appropriate to do so having regard to its functions.
(5)The Bank shall appoint an auditor or auditors to audit its accounts, including any statement under subsection (2).
(6)As soon as practicable after receiving the report of its auditors on a statement prepared under subsection (2), the Bank shall send a copy of—
(a)the report, and
(b)the statement,
to the Chancellor of the Exchequer.
(7)The Treasury may by notice in writing to the Bank require it to publish in such manner as it thinks fit such additional information relating to its accounts as the Treasury may specify in the notice, including information which the Bank has excluded under subsection (4) from a statement under subsection (2).
(8)The Treasury shall consult the Bank before giving a notice under subsection (7).
(9)In subsection (3), the reference to the relevant Companies Act requirements is to the requirements to which the directors of a company which is a banking company for the purposes of [F1the Companies Act 2006] are for the time being subject under that Act [F2(except sections 412 and 413 (directors’ benefits))] in relation to the preparation of accounts under [F3section 394] of that Act.
Textual Amendments
F1Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(a) (with arts. 6, 11, 12)
F2Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(b) (with arts. 6, 11, 12)
F3Words in s. 7(9) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2), Sch. 1 para. 205(1)(c) (with arts. 6, 11, 12)