- Latest available (Revised)
- Point in Time (01/06/2009)
- Original (As enacted)
Version Superseded: 01/04/2013
Point in time view as at 01/06/2009. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Bank of England Act 1998, Section 2B is up to date with all changes known to be in force on or before 29 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)There shall be a sub-committee of the court of directors of the Bank (the “Financial Stability Committee”) consisting of—
(a)the Governor of the Bank, who shall chair the Committee (when present),
(b)the Deputy Governors of the Bank, and
(c)4 directors of the Bank, appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1).
(2)The Committee shall have the following functions—
(a)to make recommendations to the court of directors, which they shall consider, about the nature and implementation of the Bank's strategy in relation to the Financial Stability Objective,
(b)to give advice about whether and how the Bank should act in respect of an institution, where the issue appears to the Committee to be relevant to the Financial Stability Objective,
(c)in particular, to give advice about whether and how the Bank should use stabilisation powers under Part 1 of the Banking Act 2009 in particular cases,
(d)to monitor the Bank's use of the stabilisation powers,
(e)to monitor the Bank's exercise of its functions under Part 5 of the Banking Act 2009 (inter-bank payment systems), and
(f)any other functions delegated to the Committee by the court of directors for the purpose of pursuing the Financial Stability Objective.
(3)The Treasury may appoint a person to represent the Treasury at meetings of the Committee; and the Treasury's representative—
(a)may not vote in proceedings of the Committee,
(b)shall in all other respects be a member of the Committee, and
(c)may be replaced by the Treasury.
(4)The Committee may co-opt other non-voting members.
(5)The chair of the court of directors may replace members of the Committee appointed under subsection (1)(c).]
Textual Amendments
F1 Ss. 2A-2C inserted (1.6.2009) by Banking Act 2009 (c. 1) , ss. 238(1) , 263(1) (with s. 247 ); S.I. 2009/1296 , art. 2 , Sch. para. 1
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: