6. Setting Missions for the Bank
Upcoming Activity to Set Missions for the Bank
77. This document will be laid in Parliament for the purposes of consultation for a period of 40 days. This 40 day period will not take into account any time when Parliament is dissolved or in recess for more than 4 days.
78. After this consultation period, the Act provides that Government sends a document to the Bank setting out its missions. As also provided for in the Act, this document will explain how the missions relate to the Bank's objects. The Act further requires that Ministers lay before Parliament a statement describing how the consultation influenced the content of the document sent to the Bank.
Future Missions for the Bank
79. The same consultation process will apply if the Government proposes to modify or end any of the Bank's missions. This will also apply if the Government intends to set new missions for the Bank.
80. The Act also provides that the Bank's Board is consulted (before undertaking a wider public consultation) when making a future proposal to set, modify or end a mission. The Bank is further able to propose to Scottish Ministers that a mission be set, modified or ended. As with the current process, the Bank will be required to respond to new or modified missions within 3 months of them being set.
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