SCHEDULE 2Amendments to primary and secondary legislation

PART 2Amendments to other primary legislation

Bank of England Act 199838

1

The Bank of England Act 1998 M1 is amended as follows.

2

After section 2A M2 (financial stability objective) insert—

2AAMacro-prudential measures: Article 458 of the capital requirements regulation

1

The Bank is responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are prescribed by order under section 9L (macro-prudential measures).

2

The Treasury are responsible for the application of Article 458 of the capital requirements regulation so far as it relates to measures which are not so prescribed.

3

For section 17(7C) M3 (power to obtain information) substitute—

7C

“Financial holding company” has the meaning given by Article 4(1)(20) of the capital requirements regulation.