Schedule 9: Wholesale cash distribution Part 1 – New Part 5A of the Banking Act 2009 Section 206D: Policy statement
This section sets out the policy statement requirements. Subsection (1) provides that the Bank must prepare a statement of its policy with respect to the exercise of its powers under this Part, and must from time to time review the statement, and may prepare a revised statement.
	Subsection (2) provides that when preparing a statement under this section the Bank must consult such persons as appear to the Bank to be representative of persons likely to be affected by the statement.
	Subsection (3) provides that after preparing a statement under this section the Bank must provide the statement to HM Treasury and publish the statement. Subsection (4) provides that HM Treasury must lay a copy of each statement received before Parliament.
	Subsection (5) provides that no power conferred on the Bank by this Part may be exercised before a statement under this section has been published.