Bank of England Levy: request for contact details
On 1 March 2024, the Bank of England Levy (the Levy) replaced the Cash Ratio Deposit scheme as a means of funding the costs of the Bank’s policy functions in pursuit of its Financial Stability and Monetary Policy objectives.
As part of the Bank’s operational steps in implementing the Levy, we require eligible institutions (Levy Payers) to provide relevant contact details in relation to:
- Recognised Contact – persons authorised to give instructions (including payment instructions) relating to the Levy; and
- Invoice Contact - persons to whom the Levy invoice should be sent.
Recognised Contact
A Levy Payer’s Recognised Contact will be the person(s) authorised to give instructions for and on behalf of the Levy Payer in connection with the Levy, as set out in the Bank of England Levy Terms and Conditions (T&Cs) as published on the Bank’s website.
The T&Cs should be read in conjunction with the Bank of England Levy Framework Document which together set out the Bank’s approach to levying the costs of its policy functions. You are not required to sign and return a copy of the T&Cs. However, you are required to provide the Bank with your Recognised Contact details as set out in section 2 of the T&Cs.
The provision of Recognised Contact details to the Bank will be deemed to constitute the Levy Payer’s acceptance of the T&Cs.
Invoice Contact
As set out in the Bank of England Levy Framework Document, invoices for the Levy will be emailed to Levy Payers in or around July each year, which shall include the Levy amount payable by that Levy payer for the Levy Year ahead. We require all Levy Payers to provide the relevant contact details for receipt of the Levy invoice.
Please complete this Bank of England Levy Contact Details form and submit by 5.30pm on 10 May 2024.
Calculation of amount of Levy payable by a Levy payer
As outlined in the Framework Document, the Bank will use a formula to calculate the Levy amount payable by each eligible institution. Eligible institutions can find the Total Eligible Liabilities (TEL) for the formula calculation in the Database section of the Bank's website.