Part 1 Bank of England Act 1998
Bank of England and Financial Services Act 2016 (2016 c 14) | Legislation

SCHEDULE 2 Amendments Relating to Part 1

Section 16

Part 1 Bank of England Act 1998

1

The Bank of England Act 1998 is amended as follows.

2

In section 2 (functions of court of directors), for subsection (5) substitute—

“(5)     Subsections (2) to (4) are subject to—

(a)     section 2A (Financial Stability Objective);

(b)     section 11 (objectives in relation to monetary policy);

(c)     Part 1A of the Financial Services and Markets Act 2000 (objectives and strategy of the Prudential Regulation Authority).â€

3

In section 2A(2) (financial stability objective) for “, the Financial Conduct Authority and the Prudential Regulation Authority)†substitute “and the Financial Conduct Authority)â€.

4

(1)     Section 3A (oversight functions) is amended as follows.

(2)     In subsection (2)(a)—

(a)     in sub-paragraph (i), after “Act†insert “, the objectives specified in relation to the Prudential Regulation Authority in Part 1A of the Financial Services and Markets Act 2000â€;

(b)     omit the “and†at the end of sub-paragraph (ii);

(c)     for sub-paragraph (iii) substitute—

“(iii)     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

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