The functions and organisation of the Bank of England

Quarterly Bulletin 1966 Q3
Published on 01 September 1966

As the central bank of the United Kingdom, the Bank of England act as bankers to the Government, in the widest sense. In this role, it is necessary for the Bank to examine and to try to anticipate the banking and financial problems that are likely to arise, and to undertake the appropriate operations in the money, capital and foreign exchange markets: consequently the Bank have a major responsibility for advising the Government on the formulation of monetary policy and for the subsequent execution of policy. The Bank are also bankers to the commercial banks and to overseas central banks; they are the note-issuing authority, the registrar of government stocks, and the agent of the Government for a number of financial operations, including the management of the Exchange Equalisation Account and the administration of exchange control.

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