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Bank of England and Swiss National Bank

The Bank of England, founded in 1694 as the Governor and Company of the Bank of England, is the central bank of the United Kingdom and was originally founded to act as the banker to the English Government (it maintains this role today as banker to the government of the United Kingdom). The Bank of England operates a monopoly on the issuance of banknotes in England and Wales. The Bank’s Monetary Policy Committee (which meets monthly to decide the official interest rate of the UK) has been given a degree of independence from the government, although the Treasury can give the Committee orders in extreme circumstances, and any order must be approved by Parliament within 28 days of issuance

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'Bold' rate cut wins a welcome in the City Bank wades in with £40bn funds to ease the pain

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Latest articles

'Bold' rate cut wins a welcome in the City

06.11.08
A stunned City welcomed today's unprecedented cut in interest rates and said there was more to come as the economic crisis in the UK deepens... more

Interbank lending rates slip but many still hoarding cash

15.10.08
Banking: The strained money markets showed tentative signs of easing in the wake of unprecedented global action to stem the financial crisis... more

It's dollars unlimited to boost liquidity

13.10.08
Credit crunch: Unlimited amounts of dollars will be available to the commercial bank lending market as the US Federal Reserve continues to stand behind attempts to kick-start liquidity in the money markets... more

Central banks' action starts a thaw in the money markets

13.10.08
The frozen money markets showed tentative signs of thawing as central banks and governments around the world battled the financial crisis... more

The beginning of the end says the City’s top player

09.10.08
After yesterday’s £500 billion bail out to the banks, Michael Spencer, the richest self-made man in the Square Mile talks exclusively to the Standard about who’s to blame... more

Bank wades in with £40bn funds to ease the pain

26.09.08
The Bank of England waded back into the money markets, offering banks £40 billion of longer-term funds to try to ease the lending crisis... more

Fed pumps in £100bn to avoid another collapse

18.09.08
The Federal Reserve wades into the international money markets, pumping in a further $180 billion (£101 billion) of dollar-denominated lending ... more

Crisis plumbs new depths as banks abandon dollar lending

16.09.08
The credit crunch hit the worst point in its 13-month history as Europe’s major banks effectively stopped lending dollars to each other... more
  • Facts
  • Since 1734, The Bank’s official headquarters have been on Threadneedle Street in the City of London, leading to the nickname Old Lady of Threadneedle Street or just Old Lady
  • As of July 2009, the current Governor of the Bank of England is Mervyn King, having taken up the post in 2003
  • During the Second World War, Nazi Germany attempted to counterfeit Bank of England banknotes to be dropped over the UK in order to destabilise the British economy. Although no notes were eventually dropped (the Luftwaffe could not spare the aircraft), by the end of the war, Operation Bernhard (which had used the labour and counterfeiting skill of a select team of concentration camp prisoners) had produced 8,965,080 banknotes valuing a total of £134,610,810
  • The £50 note features the face of Sir John Houblon, who was the first Governor of the Bank of England from 1694 to 1697

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