SCHEDULES

SCHEDULE 2Amendments relating to Part 1

PART 1Bank of England Act 1998

21

I11

Schedule 3 (Monetary Policy Committee) is amended as follows.

I12

In paragraph 4(2) for “Oversight Committee” substitute “ court of directors of the Bank ”.

I23

For paragraph 5A substitute—

5A

The following persons are disqualified for appointment under section 13(2)(c)—

a

a member of the Financial Policy Committee of the Bank appointed under section 9B(1)(e);

b

a member of the Prudential Regulation Committee of the Bank appointed under section 30A(2)(g).

I14

In paragraph 8—

a

for “have executive responsibility” substitute “ carry out monetary policy analysis ”;

b

omit the words from “for” to the end.

I15

In paragraph 9(1)—

a

for “Oversight Committee” substitute “ court of directors of the Bank ”;

b

in paragraph (a) for “meetings of the Monetary Policy Committee for more than 3 months” substitute “ 3 or more meetings of the Monetary Policy Committee ”.

I16

After paragraph 9(1) insert—

1A

The court of directors may, with the consent of the Chancellor of the Exchequer, also remove a member appointed under section 13(2)(c) if it is satisfied that in all the circumstances his financial or other interests are such as substantially to affect the functions as member which it would be proper for him to discharge.

I17

In paragraph 14 for “submit a monthly” substitute “ , at least 8 times in each calendar year, submit a ”.