(1)This section applies where the Treasury give an indemnity or guarantee to the Bank in respect of an activity or series of activities undertaken by the Bank.
(2)The Treasury may direct the Bank to prepare a financial report in relation to the activity or series of activities to which the indemnity or guarantee relates.
(3)A direction under subsection (2) may include directions as to—
(a)the financial years for which a report is to be prepared,
(b)the information to be contained in the report and the manner in which it is to be presented, and
(c)the methods and principles according to which any statement of financial information to be contained in the report is to be prepared.
(4)A direction under subsection (2) may be revoked by a further direction.
(5)The Bank must send any report that it prepares under subsection (2) to the Treasury.
(6)The Treasury may send the report to the Comptroller and Auditor General (“the Comptroller”) for review.
(7)The review is to consider such matters as may be agreed between the Comptroller and the Treasury.
(8)The Comptroller—
(a)has a right of access at any reasonable time to any document the Comptroller may reasonably require for the purposes of the review, and
(b)may require any person holding or accountable for any such document to provide such information and explanation as are reasonably necessary.
(9)Subsection (8) applies only to documents in the custody or under the control of—
(a)the Bank;
(b)the auditor or auditors appointed by the Bank under section 7(5).
(10)An obligation imposed on a person as a result of the exercise of the powers conferred by subsection (8) is enforceable by injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988.]
Textual Amendments
F1Ss. 7B 7C inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 10, 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(k)