Bank of England.
Bank of England. |
The Bank of England is the central bank of the UK. It was founded in 1694. Being the center of the financial system of the UK the bank ensures and maintains price and currency stability in the country.
The Bank's building is located on one of the oldest streets in the City of London, Threadneedle Street, and hence it is sometimes known as "The Old Lady" of Threadneedle Street . At the beginning of its history the bank was situated in a former tailor's shop which was later replaced by a monumental well-guarded building. Only those who work in the Bank of England may enter. For the sake of the Bank's security no pictures can be taken inside the building.
For 300 years along with offering banking services to clients, the Bank has managed the country's gold reserves.
The Bank of England strengthens the financial system of the UK and checks the economic situation in the country, it is able to prevent a recession and restore stability in the case of regression.
The head of the Bank of England appointed by the Cabinet for a 5-year term, is a member of the Board of Directors, which includes 16 other people appointed by the Cabinet for a 3-year term. 4 of them are employed by the Bank and the other 12 are heads of major companies. The Board of Directors is to meet not less than once a month to solve issues related to the functioning of the Bank.
All current problems are discussed by the Monetary Policy Committee, which is comprised of a Governor, his Deputy and five directors.
As of 2003 the Governor is Mervyn King. His two Deputies are Rachel Lomax and Sir John Gieve.
