Member

59: After Clause 22, insert the following new Clause— “Bank of England annual report: innovation secondary objectivesIn the Bank of England Act 1998, after section 4 insert—“4A Annual report to the Treasury on innovation secondary objectives(1) At least once a year, the Bank must make a report to the Treasury on how it has complied with sections 30D(2) and 30J(1) (innovation secondary objectives: FMI functions and relevant payment systems functions).(2) A report under subsection (1) must in particular explain—(a) the action taken by the Bank to ensure that its innovation objectives, in their application as secondary objectives, are embedded in its operations, processes and decision-making, and(b) how the exercise by the Bank of its FMI functions and relevant payment systems functions has advanced its innovation objectives in their application as secondary objectives. (3) The Bank must publish a report prepared under this section in such manner as it thinks fit.(4) In this section—“FMI functions” has the same meaning as in Part 3B (see section 30D(3));“innovation objectives” means the objectives set out in sections 30D(2) and 30J(1) (innovation secondary objectives: FMI functions and relevant payment systems functions);“relevant payment systems functions” has the same meaning as in Part 3C (see section 30J(2)).(5) A report under this section may not be combined in a single document with any other report.””Member’s explanatory statement This amendment would require the Bank to prepare an additional annual report setting out how it has advanced its secondary innovation objectives in relation to its FMI functions and payment systems functions.