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Bank of England
The central bank of the United Kingdom, similar to the Federal reserve in the United States and the Bundesbank in Germany. Its main functions are:to ensure the stability and promote the efficiency and competitiveness of the financial systemto set the official interest rate in order to achieve the government's inflation targetto manages the government's foreign currency borrowing programmeto act as banker to the banks - taking deposits from commercial banks and controlling the supply of money to keep the financial system stable. If necessary it will act as the lender of last resort to banks facing liquidity problemsto support the government's exchange rate policy by intervening in the currency markets (i.e. buying and selling sterling - remember its fight with George Soros?)to control the design, production and issue of banknotes in England and WalesThe Bank is sometimes known as 'The Old Lady of Threadneedle Street'.
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