(1)The Bank of England has immunity in its capacity as a monetary authority.
(2)In this section—
(a)a reference to the Bank of England is a reference to the Bank and anyone who acts or purports to act as a director, officer, [F1employee] or agent of the Bank,
(b)“immunity” means immunity from liability in damages in respect of action or inaction, and
(c)a reference to the Bank's capacity as a monetary authority includes a reference to [F2the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000 [F3, [F4of its functions under, or as a result of regulations made under, the Financial Services and Markets Act 2023,] of its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018] [F5, of its functions under or in connection with this Act or as a resolution authority for the purposes of the recovery and resolution directive], of its other regulatory functions or of functions undertaken] by the Bank for the purpose of or in connection with—
(i)acting as the central bank of the United Kingdom, or
(ii)protecting or enhancing the stability of the financial systems of the United Kingdom.
[F6(2A)The Bank's functions under the Financial Services and Markets Act 2000 are to be taken to include any functions that it may exercise as a result of an appointment under any of sections 97, 166 to 169 and 284 of that Act.]
(3)The immunity does not extend to action or inaction—
(a)in bad faith, or
(b)in contravention of section 6(1) of the Human Rights Act 1998.
Textual Amendments
F1Word in s. 244(2)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(2)(a) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F2Words in s. 244(2)(c) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(2)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F3Words in s. 244(2)(c) inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 8
F4Words in s. 244(2)(c) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 75(6), 86(3); S.I. 2023/779, reg. 4(ww)
F5Words in s. 244(2)(c) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 108
F6S. 244(2A) inserted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 3(3) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 244 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 8