Bank of England Act 1998

Consequential changes to banking bodies

28Board of Banking Supervision

(1)In section 2 of the Banking Act 1987 (Board of Banking Supervision), for subsections (1) and (2) there is substituted—

“(1)There shall continue to be a committee known as the Board of Banking Supervision.

(2)The Board shall consist of—

(a)two ex officio members, namely, the Chairman of the Authority and the holder of such other office within the Authority as the Chairman of the Authority may designate for the purposes of this provision; and

(b)six independent members, that is to say, members appointed jointly by the Chancellor of the Exchequer and the Chairman of the Authority, being persons having no executive responsibility in the Authority.

(2A)The independent members shall elect one of their number to chair the Board.”

(2)In that section, in subsections (3), (4), (6) and (7), for “Bank”, wherever occurring, there is substituted “Authority”.

(3)In Schedule 1 to that Act (Board of Banking Supervision), for “Bank”, wherever occurring, there is substituted “Authority”.

29Deposit Protection Board

(1)Schedule 4 to the Banking Act 1987 (Deposit Protection Board) paragraph 1 (constitution) is amended as follows.

(2)In sub-paragraph (1), for paragraphs (a) to (c) (ex officio members of the Board) there is substituted—

“(a)the Chairman of the Authority, who shall chair the Board;

(b)the holder of such other office within the Authority as the Chairman of the Authority may designate for the purposes of this provision; and

(c)the Deputy Governor of the Bank of England responsible for financial stability;”.

(3)For sub-paragraph (2) there is substituted—

“(2)The Chairman of the Authority shall appoint as ordinary members of the Board—

(a)three persons who are directors, controllers or managers of contributory institutions; and

(b)persons who are officers or employees of the Authority.”

(4)For sub-paragraph (3) there is substituted—

“(3)An ex officio member of the Board may appoint an alternate member to perform his duties as a member in his absence as follows—

(a)the Chairman of the Authority or the holder of a designated office within the Authority may appoint an officer or employee of the Authority, and

(b)the Deputy Governor of the Bank of England may appoint an officer or employee of the Bank.”

(5)In sub-paragraph (4) (appointment of alternates for ordinary members), in paragraph (b), for “Bank” there is substituted “Authority”.