Entities

Bank of England

Bank of England

Nickname
Old Lady of Threadneedle Street
Acronym
BoE
Entity Type
Location
Founding Date
1694

The Bank of England is the central bank of the United Kingdom. Since its origin in 1694, the bank has changed from being a private bank that loaned money to the government, to being the official central bank of the United Kingdom. Its primary functions are to maintain monetary stability and oversee the financial stability of the UK financial system. The bank also acts as the lender of last resort and as the custodian of the official gold reserves in the United Kingdom.

  • The Bank of England started during a period of economic turbulence when the national debt was growing at a steady rate. 
  • It became the official central bank of the UK in 1946. 
  • It is owned by the Treasury Solicitor, on behalf of the government. Previously, it was a property of stockholders from its foundation.
  • The Court of Directors oversees the operations of the bank and the court members are appointed by the Queen, but on the recommendation of the Chancellor and the Prime Minister.
  • The court has five executive members and nine non-executive members.
  • One of the non-executive members is appointed by the Chancellor of the Exchequer to chair the court.
  • There are several subcommittees, each tasked with handling specific responsibilities of the bank.
  • The most senior position at the bank is that of the Governor.
  • Unlike the Court of Directors, the appointment for the post of the Governor comes from within the bank, with the incumbent Governor grooming their successor.