Bank of England (BOE)

Bank of England is the central bank of Great Britain. It was founded in 1694. The bank is located in the center of British financial system and supports monetary and financial stability of the country.

The Bank’s headquarters has been located in London’s main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known by the metonym “The Old Lady of Threadneedle Street” or simply “The Old Lady”. The building of the bank is surrounded with railing and is constantly observed by security. No one but employees of the bank are able to enter its territory, also there are no photos of the bank from inside of the building. All this was done in security of the bank.

For 300 years together with banking services to its customers the bank has been controlling gold reserves of the United Kingdom.

The Bank of England makes the financial system of the state stronger and watches over the economy of the country. It is able to prevent recession and recover stability in case of regression.

The head of the bank is the Governor of the Bank of England who is the member of the board of directors consisting of 16 more persons appointed by the government for three years. 4 directors are employees of the bank and other 12 are the managers of big companies. The government appoints the Governor of the bank for the period of 5 years. The directorate has to carry out meetings at least to solve questions concerning work of the bank.

All practical issues are discussed by the Monetary Policy Committee consisting of its Governor, his deputy and 5 directors.