Bank of England

Definition

UK's central bank. Its governing body (called of Court Of Directors) is made up of a governor, two deputy governors, and 16 non-executive directors. All members of the court are appointed by the crown for renewable terms: the governor and deputy governors for five years and directors for three years. Established in the 1694 during the reign of King William and Queen Mary by William Paterson as a private company, it lent to the government and acted as its debt manager. Nationalized in 1946, it has its headquarters in London's Threadneedle Street.