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Bank Of England Nominees (Boen)

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From wikipedia

In 1977, the Bank set up a wholly owned subsidiary called Bank of England Nominees Limited, (BOEN), a private limited company, with 2 of its 100 £1 shares issued. According to its Memorandum & Articles of Association, its objectives are:- “To act as Nominee or agent or attorney either solely or jointly with others, for any person or persons, partnership, company, corporation, government, state, organisation, sovereign, province, authority, or public body, or any group or association of them….” Bank of England Nominees Limited was granted an exemption by Edmund Dell, Secretary of State for Trade, from the disclosure requirements under Section 27(9) of the Companies Act 1976 , because, “it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders.” The Bank of England is also protected by its Royal Charter status, and the Official Secrets Act.

BoE's answer to a FOI request


We do not propose to release the remaining information you have requested in points 1 to 3 of your e-mail. This is because Parts I to V of the FoI Act (including the general right of access to information in section 1) do not apply to information held by the Bank 'for the purposes of its functions with respect to the provision of banking services and related services' (see section 7 and Schedule 1, Part VI). Moreover, information held by Bank of England Nominees Limited is not subject to the FoI Act, as it is not a 'public authority' within the meaning of the FoI Act. Even if the private banking exclusion which I have referred to were not applicable, the information you have requested, insofar as it may be held by the Bank, would be exempt from disclosure under section 41 of the FoI Act because of the duties of confidentiality owed by the Bank to its customers.

You suggest that there may be a conflict of interest between the Bank's mandated role in relation to interest rates and the interests of customers of the Bank. The Bank's decisions on interest rates and other monetary measures are taken within a clear framework of governance and public accountability; they are linked to meeting the inflation target set by Government. To the extent that any of the Bank's customers has different interests, they would have no influence on the Bank's decision making-process.

Yours sincerely

Stuart Allen

Deputy Secretary of the Bank

Smells great doesn't it! ;)

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • Even
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      • up 5%

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