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Under the Bank of England Act 1998 section 1, the bank's executive body, the "Court of Directors" is "appointed by Her Majesty", which in effect is the prime minister. [7] This includes the Governor of the Bank of England (currently Andrew Bailey) and up to 14 directors in total (currently there are 12, 9 men and 3 women [8]). [9]
The Banking Act 2009 (c. 1) is an act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order, amongst other things, to replace the Banking (Special Provisions) Act 2008.
Tournier v National Provincial and Union Bank of England [1924] 1 KB 461 was a landmark legal case in the United Kingdom.The lead decision was given by Bankes LJ.. It established the conditions under which banks owed confidentiality to their clients, allowing four circumstances wherein banks were not required to guard privacy: where compelled by (1) law, (2) public duty, (3) the interest of ...
Under the Bank of England Act 1998 (c. 11) the Bank's Governor must write an open letter of explanation to the Chancellor of the Exchequer if inflation exceeds the target by more than one percentage point in either direction, and once every three months thereafter until prices are back within the allowed range. It should also set out what plans ...
Bank licensing, which sets certain requirements for starting a new bank, is closely connected with supervision and usually performed by the same public authority. Licensing provides the licence holders the right to own and to operate a bank. The licensing process is specific to the regulatory environment of the jurisdiction where the bank is ...
The Bank of England’s nine-member Monetary Policy Committee kept its main interest rate unchanged at 4.75% with new data showing inflation rising to 2.6%, further above the bank's 2% target.
A Perspective View of the Bank of England (published 1756): the bank initially occupied a narrow site behind the front on Threadneedle Street. The Bank of England moved to its current location, on the site of Sir John Houblon's house and garden in Threadneedle Street (close by the church of St Christopher le Stocks), in 1734. [52]
Main entrance – 25 North Colonnade (Canary Wharf, London) – FSA building The Securities and Investments Board Ltd ("SIB") was incorporated on 7 June 1985 at the instigation of the UK Chancellor of the Exchequer, who was the sole member of the company and who delegated certain statutory regulatory powers to it under the then Financial Services Act 1986.