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Bank of England Act 1998

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This is the original version (as it was originally enacted).

4Annual report by the Bank

(1)As soon as practicable after the end of each of its financial years, the Bank shall make to the Chancellor of the Exchequer a report on its activities in that year.

(2)A report under this section shall, in particular, contain—

(a)a report by the directors of the Bank on the matters for which the sub-committee constituted by section 3 is responsible, and

(b)a copy of the statement for the year prepared under section 7(2) and the report of the Bank’s auditors on it.

(3)The report mentioned in subsection (2)(a) shall, in particular, include a review of the Bank’s performance in relation to its objectives and strategy, as determined by the court of directors of the Bank, in the financial year to which the report under this section relates.

(4)A report under this section shall also contain—

(a)a statement of the rate or rates at which directors of the Bank have been remunerated in the financial year to which the report relates, and

(b)a statement of the Bank’s objectives and strategy, as determined by the court of directors of the Bank, for the financial year in which the report is made.

(5)The Bank shall publish every report under this section in such manner as it thinks appropriate.

(6)The Chancellor of the Exchequer shall lay copies of every report under this section before Parliament.

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