SCHEDULES

SCHEDULE 2Amendments relating to Part 1

PART 1Bank of England Act 1998

8

I11

Section 3F (oversight: further provisions) is amended as follows.

2

In subsection (1)—

I1a

for “Oversight Committee” substitute “ court of directors ”;

I1b

after “of its” insert “ oversight ”;

I2c

for “or the Monetary Policy Committee” substitute “ , the Monetary Policy Committee or the Prudential Regulation Committee ”.

3

In subsection (2)—

I1a

for “Oversight Committee” substitute “ court of directors ”;

I2b

for “or the Monetary Policy Committee” substitute “ , the Monetary Policy Committee or the Prudential Regulation Committee for the purposes of exercising its oversight functions ”.

4

After subsection (2) insert—

2A

But a member of the court of directors who has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Prudential Regulation Committee may not, under the powers conferred by this section—

a

obtain access to any documents relating to the dealing or business, or

b

attend any proceedings of the Prudential Regulation Committee relating to any question arising from its consideration of the dealing or business.

5

In subsection (3)—

a

in paragraph (a)—

I2i

after “Policy Committee” insert “ , the Monetary Policy Committee or the Prudential Regulation Committee ”;

I1ii

for “Oversight Committee” substitute “ court of directors ”;

I2b

omit the “or” at the end of paragraph (b);

I2c

at the end of paragraph (c) insert

, or

d

the powers of the Prudential Regulation Committee under paragraph 15(2) of Schedule 6A.

I16

In the heading, for “Committee” substitute “ functions ”.