Pre Privatisation

Stuart Hopkins made this Freedom of Information request to Bank of England

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

The request was successful.

Dear Bank of England,

The bank of England was a private bank from 1694 to 1946. During the time it was a private bank, who owned the bank of England.

Nationalisation:
As is the case of nationalisation, the government would buy the shares of the bank and this would in effect nationalise the bank, as has happened recently with RBS, and part of Lloyds. What was the process in which the Bank Of England was nationalised back in 1946.

Money paid?
Shares purchased?
Where did the money come from if the UK was bankrupt after the war?

Yours faithfully,

Stuart Hopkins

Becky Bbear left an annotation ()

Stuart - A similar request was submitted through WDTK in 2011, here's the link:

http://www.whatdotheyknow.com/request/na....

The Bank responded with a link of its own to legislation.gov, where you can read the provisions of the Act which Nationalised the Bank.

You'll have to wait for their response to your request for details of share prices at the time of purchase.

Purchase would have been funded from Central Government funds.

Becky

Becky Bbear left an annotation ()

Footnote: There were 1,520 original subscribers to the Bank when founded, here's the link to the subscriber details available on the Bank's own website:

http://www.bankofengland.co.uk/about/Pag....

Remember the Bank didn't exist prior to the Act establishing it - so each individual subscriber contributed directly from their own private funds.

Those funds would presumably have been on deposit with a number of other Banking Houses existing at the time, or otherwise invested by the individual subscribers - so there was no single 'predecessor' Bank involved or being 'taken over'.

Enquiries, Bank of England

1 Attachment

Dear Mr Hopkins

 

We acknowledge receipt of your email dated 3 March (our ref V 50218).  We
will reply in due course.

 

If you have any queries please contact the Bank’s Public Information and
Enquiries Group on 020 7601 4878.

 

Yours sincerely

 

Public Information & Enquiries Group

Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878

[1][Bank of England request email]

[2]http://www.prospects.ac.uk/profsearch/se...

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Enquiries, Bank of England

1 Attachment

Dear Mr Hopkins

Please find attached response to your email below.

Yours sincerely

Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]

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