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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 ...
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]
The Bank of England Act 1708 (7 Ann. c. 30) was an act of the Parliament of Great Britain. It was one of the Bank of England Acts 1694 to 1892. [3] This act is chapter 7 in Ruffhead's Edition [4] and the old editions [5] and chapter VII in common printed editions. [6] Sections 66 to 68 are sections 61 to 63 in Ruffhead's Edition. [7]
reported to the Bank’s Sterling Money Market daily data collection, in accordance with the effective version of the ‘Reporting Instructions for Form SMMD’; unsecured and of one business day maturity; executed between 00:00 hours and 18:00 hours UK time and settled that same-day; and; greater than or equal to £25 million in value.
In the Bank of England's implementation it is assumed that the forecast distribution is a two piece normal or split normal density. [6] This density results from joining the two-halves of corresponding normal densities with the same mode but different variances. As a result, the split normal density is non-symmetric and uni-modal.
The Bank of England Act 1784 (24 Geo. 3. Sess. 2. c. 34) – repealed by Statute Law Revision Act 1870, The Bank of England Act 1946 (9 & 10 Geo. 6. c 27)
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 ]
Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the FSA's chairman [ 4 ] and Hector Sants was CEO until the end of June 2012, having announced his resignation on 16 March 2012.