Part 6Banknotes: Scotland and Northern Ireland

Enforcement

222Financial penalty

(1)

Banknote regulations may enable the Bank of England to impose a penalty on an authorised bank that fails to comply with banknote regulations or rules.

(2)

A penalty—

(a)

shall be paid to the Bank of England, and

(b)

is enforceable by the Bank of England as a debt.

(3)

Banknote regulations must establish a method for determining the maximum amount of a penalty.