Miscellaneous Bank of England levy
The Cash Ratio Deposit scheme is provided for by section 6 of, and Schedule 2 to, the Bank of England Act 1998. Certain aspects of the scheme, such as the value bands and the ratio applicable to each value band used for calculating how much a financial institution must deposit, are set out in secondary legislation made under paragraphs 2 and 5 of Schedule 2 to the Bank of England Act 1998. The Act repeals all these provisions and, in its place, make provision for a levy to be imposed.