SCHEDULE 2 Further Amendments Relating to Bank of England
Financial Services Act 2012 (2012 c 21) | Legislation

SCHEDULE 2 Further Amendments Relating to Bank of England

Section 5

Court of directors

1

(1)     Schedule 1 to the Bank of England Act 1998 (which makes further provision about the court of directors) is amended as follows.

(2)     For paragraph 1 substitute—

“1

(1)     Appointment as Governor of the Bank shall be for a period of 8 years.

(2)     Appointment as Deputy Governor of the Bank shall be for a period of 5 years.

(3)     A person may not be appointed—

(a)     as Governor, more than once, or

(b)     as Deputy Governor, more than twice.

(4)     A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank.â€

(3)     In paragraph 2—

(a)     for “director†substitute “non-executive directorâ€, and

(b)     for the words from “3 years†to the end substitute “4 years, or such shorter period as may be specified in the appointmentâ€.

(4)     Omit paragraph 3.

(5)     In paragraph 4, for “director†substitute “non-executive directorâ€.

(6)     In paragraph 5—

(a)

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