Bank of England Act 1998 (c. 11)

Part I U.K. Constitution, regulation and financial arrangements

Constitution and regulation U.K.

[F2 3A. Oversight [F1 functions of court of directors ] U.K.

F3 ( 1 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) The [F4 oversight functions of the court of directors] are—

(a) keeping under review the Bank's performance in relation to—

(i) the Bank's objectives (that is, the objectives specified in relation to it in this Act [F5 , the objectives specified in relation to the Prudential Regulation Authority in Part 1A of the Financial Services and Markets Act 2000] and the other objectives for the time being determined by the court of directors of the Bank),

(ii) the duty of the Financial Policy Committee under section 9C, F6 ...

(iii) [F7 the Bank's strategy determined under section 2,

(iv) the Bank's financial stability strategy determined under section 9A, and

(v) the strategy of the Prudential Regulation Authority determined under section 2E of the Financial Services and Markets Act 2000;]

(b) monitoring the extent to which the objectives set by the court of directors of the Bank in relation to the Bank's financial management have been met;

(c) keeping under review the internal financial controls of the Bank with a view to securing the proper conduct of its financial affairs;

(d) the functions conferred on the [F8 court of directors] by the provisions listed in subsection (4).

F9 ( 3 ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) The provisions referred to in subsection (2)(d) are—

(a) section 9B (review of procedures followed by Financial Policy Committee);

(b) section 16 (review of procedures followed by Monetary Policy Committee);

F10 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10 (h)] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in s. 3A heading substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(e) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)

F2 Ss. 3A-3F substituted for s. 3 (1.4.2013) by Financial Services Act 2012 (c. 21) , ss. 3(2) , 122(3) (with Sch. 20 ); S.I. 2013/423 , art. 3 ,

F3 S. 3A(1) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(a) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)

F4 Words in s. 3A(2) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(b) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)

F5 Words in s. 3A(2)(a)(i) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F6 Word in s. 3A(2)(a)(ii) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F7 Ss. 3A(2)(a)(iii)-(v) substituted for s. 3A(2)(a)(iii) (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(2)(c) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F8 Words in s. 3A(2)(d) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(c) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)

F9 S. 3A(3) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14) , ss. 3(3)(d) , 41(3) (with Sch. 3 ); S.I. 2016/627 , reg. 2(1)(d)

F10 Ss. 3A(4)(c)-(h) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 4(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)