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The Bank of England is the central bank of the United Kingdom. The bank is sometimes also referred to as the ‘Old Lady’ of the Threadneedle Street.
The Bank was established as a corporate body by Royal Charter under the Bank of England Act 1694 and was nationalized on 1 March 1946. The bank was granted independence in 1997. Bank of England has an integral place in the UK’s financial system and is committed to promoting and maintaining monetary and financial stability in order to ensure the economic health of the United Kingdom.
The goal of the bank is also to maintain a stable and efficient monetary system in the country.
As the central bank of the United Kingdom the bank is responsible for the entire central banking functions in the region. The basic purpose of the bank is to maintain price stability in the country and support the economic policies of Her Majesty’s Government.
Besides above functions the Bank of England is required to undertake the following important activities:
- Issue banknotes and control their circulation in England and Wales
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- Act as the banker to the Government and the commercial banks of the country
- Regulate and supervise the activities of the banking system in the country
The 1998 Bank of England Act sets out the current governance and accountability framework. The Act stipulated setting up a Court of Directors, a committee on Non-executive directors within the contours of the Court, and a monetary policy committee.
The Court consists of the Governor, two Deputy Governors and 16 Directors. All the Directors are non-executive so far as their powers are concerned. The Crown appoints the Governor and the Deputy Governor for a period of five years, while the directors have the tenure of three years.
The Address and Contact details of the bank is as follows:
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Bank of England
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Address:
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Threadneedle Street GB-London EC2R 8AH UNITED KINGDOM
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Phone No.:
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++44-207-601 44 44
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Fax:
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++44-207-601 47 71
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