Bank of England
Bank of England
Bank of England
| Noun | 1. |  Bank of England - the central bank of England and Wales |
| 单词 | bank of england | |||
| 释义 | Bank of EnglandBank of EnglandBank of England
Bank of EnglandBank of England,central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. The bank has eight branches, all of which are located in the British Isles. Although Bank of England notes are legal tender throughout Great Britain and Northern Ireland, banks in Scotland and Northern Ireland also issue notes that may be either used as currency themselves or exchanged for Bank of England issues. In all matters beside note issue, the Bank of England has sole central banking functions in Great Britain. The affairs of the bank are controlled by a governor, a deputy, and 16 directors.It was founded (1694) as a commercial bank by William PatersonPaterson, William, BibliographySee J. H. Clapham, The Bank of England: A History (2 vol., 1944; repr. 1966); J. Giuseppi, The Bank of England (1966); R. Roberts and D. Kynaston, ed., The Bank of England: Money, Power, and Influence 1694–1994 (1995); The Bank of England, 1891–1944 (1976, repr. 1986) by R. S. Sayres and 1950s to 1979 (2010) by F. Capie. Bank of Englandthe central bank of emission of Great Britain. Founded in 1694 as a private joint-stock bank, it was granted the right to issue banknotes along with several other of the nation’s private banks. The initial capital of the bank was £1.2 million and belonged to a group of private individuals, mainly owners of the largest banking houses. Subsequently, the capital was increased to£ 14.5 million. The Bank of England was turned into the basic emission institution, the financial center of the nation, and the bank of banks and of the state. Prior to World War I (1914–18), the banknotes of the Bank of England were exchangeable for gold. In 1946 the Labour government nationalized the Bank of England. The shareholders received compensation in the form of government bonds bearing 12 percent return per annum—as much as the dividends had provided prior to nationalization. The Bank of England makes fiduciary (not covered by gold) emissions within the limit of amounts periodically set by Parliament. It finances the government, provides budget fulfillment in cash terms, and keeps the reserves of the English and many foreign central banks. With the latter it acts as a correspondent, and it also serves as the central clearing organization for the banks of the nation. It exercises foreign exchange control in accord with foreign exchange legislation. The tasks of the Bank of England also include supervision of the credit activity of the banks and regulation of the money market by changing the discount rate and so-called open market operations. The manager and directors of the Bank of England are appointed by the government. In 1959 the bank had eight branches in England. The total monetary emission of the Bank of England fully covered by securities in July 1969 was £3,340 million, in comparison with£2,248 million in 1960, £1,326 million in 1950, and£1,402 million in 1946. M. G. POLIAKOV Bank of EnglandBank of Englandestablished in 1694, the Bank of England is the central bank of the UK. It was nationalized by the Bank of England Act 1946 and acts as the competent authority for the banking sector under regulatory powers conferred by the Banking Act 1987. It now sets interest rates independent of government and in this respect resembles a central bank.Bank of EnglandBank of EnglandBank of Englandthe CENTRAL BANK of the UK which acts as banker to the government and the BANKING SYSTEM and acts as the authority responsible for implementing MONETARY POLICY. The Bank of England handles the government's financial accounts in conjunction with the TREASURY, taking in receipts from taxation and the sale of government assets, and making disbursements to the various government departments to fund their activities. The Bank acts as the government's broker in its borrowing and lending operations, issuing and dealing in government BONDS and TREASURY BILLS to underpin its year-to-year budgetary position and management of the country's NATIONAL DEBT.COMMERCIAL BANKS hold accounts with the Bank of England and, in its role as banker to the banking system, the Bank makes it possible for banks to settle their indebtedness with one another by adjusting their accounts as appropriate (see CLEARING HOUSE SYSTEM). The Bank of England and its satellite, the Royal Mint, are responsible for issuing the country's basic stock of money – LEGAL TENDER consisting of bank notes and coins (see MONEY SUPPLY). The bank occupies a key role in the implementation of monetary policy through controls on the money supply, influencing the level of bank deposits and credit creation by the financial institutions, particularly commercial banks, while the MONETARY POLICY COMMITTEE has the responsibility for setting ‘official’ INTEREST RATES in the UK which in turn determines all other short-term interest rates (BASE RATE, BILL DISCOUNTING INTEREST RATE, INTERBANK CLEARING INTEREST RATE). The Bank is also responsible for managing the country's EXCHANGE RATE and holding the country's stock of INTERNATIONAL RESERVES to be used in the financing of balance of payments deficits. The Bank of England operates a ‘Foreign Exchange Equalization Account’ which it uses to intervene in the FOREIGN EXCHANGE MARKET, buying and selling currencies to support the exchange rate at a particular level or to ensure that it falls (depreciates) or rises (appreciates) in an ‘orderly’ manner. See LENDER OF LAST RESORT. Bank of Englandthe CENTRAL BANK of the UK, which acts as banker to the government and the BANKING SYSTEM and acts as the authority responsible for implementing MONETARY POLICY. The Bank of England handles the government's financial accounts in conjunction with the TREASURY, taking in receipts from taxation and the sale of government assets, and making disbursements to the various government departments to fund their activities. The bank acts as the government's broker in its borrowing and lending operations, issuing and dealing in government BONDS and TREASURY BILLS to underpin its year-to-year budgetary position and management of the country's NATIONAL DEBT.COMMERCIAL BANKS hold accounts with the Bank of England and, in its role as banker to the banking system, the Bank makes it possible for banks to settle their indebtedness with one another by adjusting their accounts as appropriate (see CLEARING HOUSE SYSTEM). The Bank of England and its satellite, the Royal Mint, are responsible for issuing the country's basic stock of money - LEGAL TENDER, consisting of bank notes and coins (see MONEY SUPPLY). The Bank occupies a key role in the implementation of monetary policy through controls on the money supply, influencing the level of bank deposits and credit creation by the financial institutions, particularly commercial banks (see BANK DEPOSIT CREATION), while the MONETARY POLICY COMMITTEE has the responsibility for setting ‘official’ INTEREST RATES in the UK, which in turn determines all other short-term interest rates (BASE RATE, BILL DISCOUNTING INTEREST RATE, INTERBANK CLEARING INTEREST RATE). The Bank is also responsible for managing the country's EXCHANGE RATE and holding the country's stock of INTERNATIONAL RESERVES to be used in the financing of balance-of-payments deficits. The Bank of England operates a ‘Foreign Exchange Equalization Account’ that it uses to intervene in the FOREIGN EXCHANGE MARKET, buying and selling currencies to support the exchange rate at a particular level or to ensure that it falls (depreciates) or rises (appreciates) in an ‘orderly’ manner. See LENDER OF LAST RESORT. Bank of England
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