Commentary on Sections Financial stability committee: supplemental
532.New section 2C (2)  and (3) set the procedure to be followed if a member of the Committee has a direct or indirect, current or reasonably likely future interest in a matter to be considered by the Committee. An example of a reasonably likely future interest would be if the Committee was considering a bank in financial difficulty, and a member of the Committee was an executive of a firm which anticipated acquiring a holding in the bank.
533.Any such interest must be disclosed and the member has no vote unless the Committee resolves that there is no conflict of interest.
534.New section 2C(4) provides for the Committee to delegate certain of its functions to two or more of the voting members on the Committee.
535.Subsection (2) amends section 2 of the Bank of England Act 1998 by adding a new subsection (5) which makes the Bank’s powers to determine its objectives subject to the statutory objectives relating to monetary policy and financial stability.