Commentary on Sections Enforcement Section 222: Financial penalty
493.Subsection (1) provides that the banknote regulations may enable the Bank of England to impose a financial penalty on an authorised bank where the bank has breached the banknote regulations or rules.
494.Subsection (2) provides that financial penalties imposed by the Bank of England shall be paid to the Bank of England and are enforceable as a debt.
495.Subsection (3) provides that the banknote regulations must establish a method for determining the maximum amount of a penalty imposed under this section.