Section 3 — Abolition of Oversight Committee

(1) The Bank of England Act 1998 is amended as follows.

(2) In section 2(2) (functions of court of directors)—

(a) the words from “determining the Bank's objectives” to the end become paragraph (a);

(b) after that paragraph insert— (b) the functions mentioned in section 3A(2) (the “oversight functions”).

(3) In section 3A (Oversight Committee)—

(a) omit subsection (1);

(b) in subsection (2), in the words before paragraph (a) for “functions of the Oversight Committee” substitute “ oversight functions of the court of directors ”;

(c) in subsection (2)(d) for “Oversight Committee” substitute “ court of directors ”;

(d) omit subsection (3);

(e) in the heading for “Committee” substitute “ functions of court of directors ”.

(4) Omit section 3B (Oversight Committee: procedure).

(5) In section 3C (reviews) after subsection (1) insert— (1A) Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and (b) for the person conducting the review to make one or more reports to the court of directors.