Commentary Part 4 – Collaboration between Treasury and Bank of England, Fca Or Pra Section 64: Duty of Treasury, Bank and PRA to coordinate discharge of functions
518.Section 64 requires the Treasury (on the one hand) and the Bank of England and the PRA (on the other) to coordinate the discharge of their respective relevant functions so far as they relate to the stability of the UK financial system and affect the public interest. Subsection (2) requires the authorities to which the duty applies to have regard in particular to the importance of coordination where the Bank has given, or is considering whether to give, a public funds notification.