Bank of England

Bank of England
The central bank of the UK. It was established in 1694 as a private bank by London merchants in order to lend money to the state and to deal with the national debt. It came under public ownership in 1946 with the passing of the Bank of England Act. The Bank of England acts as the government's bank, providing loans through ways and means advances and arranging borrowing through the issue of gilt-edged security The bank helps to implement the government's financial and monetary policy as directed by the Treasury. Since May 1997 its Monetary Policy Committee has had sole authority for setting the base rate, which was formerly a joint decision of the Chancellor of the Exchequer and the Governor of the Bank of England (although the Chancellor retains the right to overrule the Governor in exceptional circumstances). It formerly had wide statutory powers to supervise the banking system, including the commercial banks, but these supervisory powers have now passed to the Financial Services Authority The bank, however, retains its responsibility for systemic stability and that of lender of last resortThe Bank Charter Act 1844 divided the bank into an issue department and a banking department. The issue department is responsible for the issue of banknotes and coins as supplied by the Royal Mint The banking department provides banking services (including accounts) to commercial banks, foreign banks, other central banks, and government departments. The bank manages the national debt, acting as registrar of government stocks. It also manages the exchange equalization account The bank is controlled by a governor, two deputy governors, and a court (board) of 16 directors.

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  • Bank of England — Bank of England …   Wikipedia

  • Bank of England — Bank von England Bank of England …   Deutsch Wikipedia

  • Bank von England — Bank of England …   Deutsch Wikipedia

  • Bank of England — established in 1694, the Bank of England is the central bank of the UK. It was nationalised by the Bank of England Act 1946 and acts as competent authority for the banking sector under regulatory powers conferred by the Banking Act 1987. It now… …   Law dictionary

  • Bank von England — Bank von England,   englisch Bank of England [ bæȖk əv ɪȖglənd], Zentralnotenbank Großbritanniens, Sitz: London. Gegründet 1694 als private Aktienbank, erhielt sie Notenausgaberecht und durfte übrige Bankgeschäfte betreiben. Durch die Peelsche… …   Universal-Lexikon

  • Bank of England — (spr. bänk off ingländ), s. Bank von England …   Kleines Konversations-Lexikon

  • Bank von England — (Bank of England), 27. Juli 1694 gegründet, mit Sitz in London, arbeitet als Bankier des Staates und verwaltet gegen Vergütung die Staatsschuld; Stammkapital 14.553.000, umlaufende Noten etwa 50 Mill. Pfd. St. – Vgl. Philippovich (1885) …   Kleines Konversations-Lexikon

  • Bank of England —   [ bæȖk əv ɪȖglənd], die Bank von England.   …   Universal-Lexikon

  • Bank of England — Bank of England, s. Banken, S. 346 …   Meyers Großes Konversations-Lexikon

  • Bank of England — The UK s central bank with responsibility for the setting of interest rates. It is also the lender of last resort to prevent a systemic collapse in the banking system. Dresdner Kleinwort Wasserstein financial glossary ( BoE) Euroclear Clearing… …   Financial and business terms

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