Editing Bank of England (section)

===Financial stability===
Maintaining financial stability involves protecting the UK's savers, investors and borrowers against threats to the financial system as a whole.<ref name="BoEStability">{{cite web |title=Financial stability |url=https://www.bankofengland.co.uk/financial-stability |website=Bank of England |date=20 December 2023 |access-date=8 January 2024}}</ref> Threats are detected by the bank's surveillance and [[market intelligence]] functions, and dealt with through financial and other operations (both at home and abroad). The majority of these safeguards were put in place in after the [[2008 financial crisis]]:

====Regulation====
In 2011 the bank's [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] was established to regulate and supervise all major banks, building societies, credit unions, insurers and investment firms in the UK ('[[microprudential regulation]]').<ref>{{cite web |title=Prudential regulation |url=https://www.bankofengland.co.uk/prudential-regulation |website=Bank of England |access-date=6 January 2024}}</ref> The bank also has a statutory supervisory role in relation to [[financial market]] infrastructures.<ref>{{cite web |title=Financial market infrastructure supervision |url=https://www.bankofengland.co.uk/financial-stability/financial-market-infrastructure-supervision |website=Bank of England |date=21 December 2023 |access-date=8 January 2024}}</ref>

====Risk management====
At the same time, the bank's [[Financial Policy Committee]] (FPC) was set up to identify and monitor [[Systemic risk|risks in the financial system]], and to take appropriate action where necessary ('[[macroprudential regulation]]'). The FPC publishes its findings (and actions taken) in a biannual Financial Stability Report.<ref>{{cite web |title=Financial Policy Committee |url=https://www.bankofengland.co.uk/about/people/financial-policy-committee |website=Bank of England |date=20 December 2023 |access-date=8 January 2024}}</ref>

====Banking services====
The bank provides [[wholesale banking]] services to the UK Government (and to over a hundred overseas central banks).<ref name="BoEBankServ">{{cite web |title=Banking services |url=https://www.bankofengland.co.uk/banking-services |website=Bank of England |access-date=6 January 2024}}</ref> It manages the UK's [[Exchange Equalisation Account]] on behalf of [[HM Treasury]] and it maintains the government's [[Consolidated Fund]] account.<ref>{{cite web |title=Consolidated Fund |url=https://www.parliament.uk/site-information/glossary/consolidated-fund/ |website=UK Parliament |access-date=8 January 2024}}</ref> It also manages the country's [[Foreign exchange market|foreign exchange]] reserves and is custodian of the UK's (and others') [[gold reserves]].<ref>{{cite web |title=Gold |url=https://www.bankofengland.co.uk/gold |website=Bank of England |access-date=8 January 2024}}</ref>

The bank also offers 'liquidity support and other services to banks and other financial institutions'.<ref name="BoEAbout" /> [[Commercial banks]] customarily keep a sizeable proportion of their [[Bank reserves|cash reserves]] on [[Deposit (finance)|deposit]] at the Bank of England. These [[central bank reserves]] are used by the banks to settle payments with one another;<ref>{{cite web |title=What do we know about the demand for Bank of England reserves? |url=https://www.bankofengland.co.uk/bank-overground/2023/what-do-we-know-about-the-demand-for-bank-of-england-reserves#:~:text=Why%20do%20reserves%20matter%3F,get%20hold%20of%20cash%20first. |website=Bank of England |access-date=9 January 2024}}</ref> (for this reason the Bank of England is sometimes called 'the bankers' bank').<ref name="BoEHistFun" /> In exceptional circumstances, the Bank may act as the [[lender of last resort]] by extending credit when no other institution will.

As a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services (such as exchanging superseded bank notes).<ref name="Exchanging for an individual at the Bank of England counter">{{Cite web |title=Exchanging old banknotes |url=https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes |url-status=live |archive-url=https://web.archive.org/web/20191104175115/https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes |archive-date=4 November 2019 |access-date=19 October 2019 |publisher=Bank of England}}</ref> Until 2017, Bank staff were entitled to open current accounts directly with the Bank of England and were given the unique sort code of 10-00-00.<ref name="Bank of England to close personal banking service for employees"/>

====Resolution====
Under the terms of the [[Banking Act 2009]] the bank is the UK's Resolution Authority for any bank or building society judged '[[too big to fail]]'; as such it is empowered to act in the event of a [[bank failure]] 'to protect the UK's vital financial services and financial stability'.<ref>{{cite web |title=Resolution |url=https://www.bankofengland.co.uk/financial-stability/resolution |website=Bank of England |date=15 December 2023 |access-date=6 January 2024}}</ref>