Bank of England nationalised - Queen owns no shares?

Wed Jun 13 22:19:36 BST 2012

A more recent and very different view ;-)

Investigating the Bank of England Nominees Limited
The following article by Alistair McConnachie 
appeared in the October 2011 issue of Prosperity.
http://www.911forum.org.uk/board/viewtopic.php?p=161294#161294
http://prosperityuk.com/2011/10/investigating-the-bank-of-england-nominees-limited/ 

Occasionally we encounter people who refuse to 
believe the fact that the Bank of England is a 
fully, publicly-owned national institution, and 
has been since it was nationalised in 1946(1)
They will point to something called the Bank of 
England Nominees Limited (BOEN) to allege that 
there is a secret company attached to the Bank, 
into which a flow of hidden profits is presumably 
being directed for the enrichment of a select 
few. Their sources are usually unreferenced conspiracy websites.
If our reform is to gain traction, it is 
important that we are neither distracted by 
misinformation nor labour under misapprehensions about normality.

The Bank of England is Publicly-Owned
The Bank of England is wholly owned by the 
British government  meaning its profits go into 
the public purse at the Treasury. This is a plain 
fact and people who do not accept this are not 
being serious about our reform. See the statement 
on the Banks website where it states:
As a public organisation, wholly-owned by 
Government, and with a significant public policy 
role, the Bank is accountable to Parliament. The 
Banks Annual Report and Accounts are laid before 
Parliament each year before they are made 
available publicly. The principal means of 
accountability for the Bank is via the House of Commons Treasury Committee.(2)

What is the Bank of England Nominees Limited?
The Bank of England Nominees is a wholly-owned, 
non-trading subsidiary of the Bank of England, 
with 2 ordinary shares valued at £1 each, as the 
latest Bank of England Annual Report(3) states.
A reply from Ben Norman, the Deputy Secretary of 
the Bank, to an enquirer Mr E Danielyan, dated 5 March 2010 explains:
BOEN acts as a nominee company to hold securities 
on behalf of certain customers. It is a private 
limited company, incorporated in England and 
Wales in 1977, and is a wholly-owned subsidiary 
of the Bank. The shareholders are the Bank and 
John Footman, who holds his share as nominee on 
behalf of the Bank. The directors are John Footman and Andrew Bailey.(4)
Both John Footman(5) and Andrew Bailey(6) are 
employees of the Bank and their biographies are on the Banks website.

What is the Purpose of BOEN?
As the following written answer from the Commons 
Hansard from 21 April 1977(7) states, it is 
intended to hold shares on behalf of Heads of State and certain others.

Shareholdings (Disclosure)
HC Deb 21 April 1977 vol 930 cc151-2W 151W

Mr. Blenkinsop asked the Secretary of State for 
Trade whether he has granted any exemptions under 
Section 27(9) of the Companies Act 1976; and if he will make a statement.

Mr. Clinton Davis The Secretary of State has 
granted one exemption under Section 27(9) of the 
Companies Act 1976 in favour of Bank of England 
Nominees Ltd., a wholly-owned subsidiary of the 
Bank of England. Bank of England Nominees Ltd. 
have given a number of undertakings about the use 
to be made of the exemption. They will hold 
securities as nominee only on behalf of Heads of 
State and their immediate family, Governments, 
official bodies controlled or closely related to 
Governments, and international organisations 
formed by Governments or official bodies. They 
will in turn seek certain assurances from anyone 
in the eligible categories who wishes them to 
hold the securities as that persons nominee. 
These assurances are to cover (a) the fact that 
the person is the beneficial owner of the 
securities to be held by Bank of England Nominees 
Ltd.; (b) that the beneficial owner will not use 
his interest in any securities held by Bank of 
England Nominees Ltd. to influence the affairs of 
the company in which shares are held except as 
shareholders in general meetings of that company; 
(c) that the beneficial owner is aware of his 
overriding obligation, under Section 33 of the 
Companies Act 1967 as amended, to disclose his 
interest to the company in which shares are held 
if he is interested in 5 per cent. or more of 
that companys share capital. 152W

Bank of England Nominees Ltd. has also undertaken 
to make a report annually to the Secretary of 
State for Trade of the identity of those for whom 
it holds securities, and, provided that it holds 
securities for two or more people, the total 
value of the securities held. The contents of 
such reports are to be confidential to the Secretary of State.

BOEN  No Longer Allowed Disclosure Exemptions

It is important to note, however, that BOEN is 
no longer exempt from company law disclosure 
requirements, as the following written answer 
from the Lords Hansard on 26 April 2011( makes clear.

This must mean that BOEN is no longer granted an 
exemption under Sec 796 of the Companies Act 2006 
to the notification provisions required by Sec 
793  which it has been previously, according to Ben Norman above.

Bank of England Questions Asked by Lord Myners

To ask Her Majestys Government when the accounts 
of Bank of England Nominees Limited were last 
published; when they will next be published; and 
whether they intend to review whether the company 
should remain exempt from company law disclosure requirements.[HL8302]

The Parliamentary Under-Secretary of State, 
Department for Business, Innovation and Skills 
(Baroness Wilcox): The most recent accounts of 
Bank of England Nominees Limited are available 
via the Companies House website and were 
published on 14 June 2010. It can be seen from 
these accounts that the company is currently 
dormant. The company is due to publish its next 
set of accounts by 30 November this year. The 
company is no longer exempt from company law 
disclosure requirements and currently no other 
persons are exempt from these requirements.

Asked by Lord Myners

To ask Her Majestys Government when the accounts 
of Bank of England Asset Purchases Facility Fund 
Limited will be published; whether these accounts 
will take into account an indemnity from HM 
Treasury; and whether the accounts of the company 
are exempt from any company law disclosure requirements.[HL8303]

The Commercial Secretary to the Treasury (Lord 
Sassoon): The Bank of England will publish 
accounts for the asset purchase facility (APF) 
for the year ended February 2011 before the 
Summer Parliamentary Recess. The amount due to or 
from HM Treasury under its indemnity to the Bank 
will be identified. The accounts are not exempt 
from any company law disclosure requirements. 12

Asked by Lord Myners

To ask Her Majestys Government whether the 
accounts of the Bank of England, Bank of England 
Nominees Limited and the Bank of England Asset 
Purchase Facility Fund Limited are all audited by 
the same firm of public accountants.[HL8310]

Lord Sassoon: KPMG are the external auditors for 
the Bank of England and the Bank of England Asset 
Purchases Facility Fund Limited. As a dormant 
company, Bank of England Nominees Limited is not 
required under the Companies Act 2006 to appoint an external auditor.

The BOEN Company Accounts for 2010 can be viewed 
online.(9) These Accounts state that, There has 
been no income or expenditure on the part of the 
Company since its incorporation and accordingly 
no profit and loss account is submitted. (p.2) It has Net Assets of £2. (p.4)

In Summary
As stated in Hansard, above, BOEN is a company 
set up with the intention of holding shares 
confidentially on behalf of Heads of State and certain others.
That is to say, presumably, HM the Queen and her 
immediate family and certain governmental bodies.
Presumably the thinking here is that if those 
people were to buy them through normal means, 
then they would be visible to staff at share 
dealing companies and would regularly be leaked. 
This could, possibly, raise various 
security-related matters, and it could also, 
possibly, raise various rumours about matters 
related to the economy and the health, or otherwise, of certain companies.
In any case, BOEN is presently dormant, and is no 
longer exempt from company law disclosure requirements.
Imagining strange goings-on at BOEN is a complete distraction from reality.
The truth, as with most things, is quite prosaic.

(1) Bank of England Act 1946,
http://www.legislation.gov.uk

(2) Bank of England, The Banks Relationship with Parliament,
http://www.bankofengland.co.uk/about/parliament/index.htm

(3) Bank of England, Annual Report 2011, p.69,
http://www.bankofengland.co.uk/publications/annualreport/2011/2011full.pdf

(4) This letter can be viewed in full and downloaded at
http://www.whatdotheyknow.com/request/28738/response/74019/attach/2/D.pdf

(5) Bank of England, John Footman Executive 
Director, Central Services and Secretary of the Bank,
http://www.bankofengland.co.uk/about/people/biographies/footman.htm

(6) Bank of England, Andrew Bailey, Executive 
Director, Prudential Regulation Authority (PRA)  Deputy CEO designate,
http://www.bankofengland.co.uk/about/people/biographies/bailey.htm

(7) Hansard, 21 April 1977, Written Answers,
http://hansard.millbanksystems.com/written_answers/1977/apr/21/shareholdings-disclosure 

(8) Hansard, 26 April 2011, Written Answers,
http://services.parliament.uk/hansard/Lords/bydate/20110426/writtenanswers/part021.html 

(9) 
http://www.scribd.com/doc/56089866/BANK-OF-ENGLAND-NOMINEES-LIMITED-Company-accounts-from-Level-Business 

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Fear not therefore: for there is nothing covered 
that shall not be revealed; and nothing hid that 
shall not be made known. What I tell you in 
darkness, that speak ye in the light and what ye 
hear in the ear, that preach ye upon the housetops. Matthew 10:26-27

Die Pride and Envie; Flesh, take the poor's advice.
Covetousnesse be gon: Come, Truth and Love arise.
Patience take the Crown; throw Anger out of dores:
Cast out Hypocrisie and Lust, which follows whores:
Then England sit in rest; Thy sorrows will have end;
Thy Sons will live in peace, and each will be a friend.
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