Statutory Instruments
2013 No. 721
Banks And Banking
The Bank of England (Call Notice) (Benchmark Rate of Interest) Order 2013
Made
26th March 2013
Laid before Parliament
27th March 2013
Coming into force
3rd June 2013
The Treasury, in exercise of the powers conferred by paragraph 8 of Schedule 2 to the Bank of England Act 1998( 1 ), make this Order.
In accordance with paragraphs 10 and 11 of Schedule 2 to that Act, the Treasury have consulted the Bank of England, such persons as appear to them to be representative of persons likely to be materially affected by this Order and such other persons as they think fit, and in making this Order have regard to the financial needs of the Bank of England.
Citation and commencement
1. This Order may be cited as the Bank of England (Call Notice) (Benchmark Rate of Interest) Order 2013 and comes into force on 3rd June 2013.
Benchmark rate of interest for call notices given by the Bank of England
2. For paragraph 7 of Schedule 2 to the Bank of England Act 1998, substitute—
“ Benchmark rate of interest
7. —(1) The benchmark rate of interest for the purposes of paragraph 6(3) is the Bank rate.
(2) In this paragraph, “Bank rate” means—
(a) the official Bank rate determined by the Monetary Policy Committee of the Bank, or
(b) where an order under section 19 of this Act is in force, any equivalent rate determined by the Treasury under that section. ” .
Desmond Swayne
Stephen Crabb
Two of the Lords Commissioners of Her Majesty’s Treasury
26th March 2013