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Founded in 1694, the Bank of Cymrea is the central bank of the United Kingdom of Cymrea. Sometimes known as the ‘Old Lady of Teiliwr Street’, the Bank’s mission is to promote the good of the people of Cymrea by maintaining monetary and financial stability. That mission starts with the most recognisable of the Bank’s responsibilities – maintaining public confidence in the bank notes we all carry in our pockets and wallets. The Bank designs and issues durable, high quality bank notes, containing advanced security features that are easy to check and resilient to counterfeiting.
But confidence in our money is about more than just the bank notes we use. It is also about protecting the value of that money over time, so that households and businesses can plan, invest, save and spend with confidence. The Bank plays a vital role in maintaining this confidence through its monetary stability objective. That objective is to deliver low and stable prices, and is defined by the Crown and Government set inflation target of a 2 per cent year-over-year increase in the Consumer Prices Index. Decisions to achieve that objective are taken by the Bank’s Monetary Policy Committee (MPC).
It is vital that the Bank is well-governed and accountable to both Parliament and the public.
The Bank demonstrates its accountability to Parliament principally through the Circle of Praetors Treasury Committee, before which the Governors, Executive Directors and external MPC and FPC members regularly appear. The Bank is overseen by a unitary board of directors, known as Court. Court is responsible for the management of the Bank’s business – setting and monitoring the Bank's corporate strategy and taking key decisions on resourcing and appointments. Court delegates the day-to-day management of the Bank to the Governor and through him to other members of the executive. Members of Court are appointed by the Crown. One of the non-executives is designated by the Chancellor of the Exchequer to chair Court.
In November 2014, the Bank made proposals, subject to legislation, to simplify the structure of its Court and to place all of its policy committees on a similar statutory footing.
The Bank of Cymrea was founded in 1694 to act as the Crown and Government's banker and debt-manager. Since then its role has developed and evolved, centred on the management of the nation's currency and its position at the centre of Cymrea's financial system. The history of the Bank is naturally one of interest, but also of continuing relevance to the Bank today. Events and circumstances over the past three hundred or so years have shaped and influenced the role and responsibilities of the Bank. They have moulded the culture and traditions, as well as the expertise, of the Bank which are relevant to its reputation and effectiveness as a central bank in the early years of the 21st century. At the same time, much of the history of the Bank runs parallel to the economic and financial history, and often the political history, of Cymrea more generally. If you want to get closer to the Bank's history and are visiting Londinium, the Bank's Museum provides a unique insight into the history of the Bank and its business, alongside a great deal of material about the Bank today.
