The procedure of special deposits

Quarterly Bulletin 1960 Q4
Published on 01 December 1960

Decisions regarding calls for Special Deposits are made by the Court of Directors of the Bank of England, in all normal circumstances at their regular weekly meetings every Thursday morning. Calls are expressed in terms of the percentage of the deposits of the banks concerned which is to be placed on Special Deposit with the Bank of England and specify the date or dates by which the deposits are to be completed. The form of announcement makes it clear that the call is made with the approval of the Chancellor of the Exchequer.

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