s 3 This is the Schedule to be inserted in the Bank of England Act 1998 after Schedule 2— SCHEDULE 2A Financial Policy Committee
(1) If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the term for which a person is appointed as a member of the Committee under section 9B(1)(e), extend the persons's term of office on one occasion for a specified period of not more than 6 months. (2) The term being extended may be the person's first or second term or, in a case where paragraph 2(2) allows a third term, the person's third term. (3) If a person whose first term of office is extended is subsequently re-appointed under section 9B(1)(e)— (a) the length of the second term is to be reduced by a period equal to the extension of the first term, but (b) the second term may itself subsequently be extended under sub-paragraph (1). (4) In a case where a person's second term of office is extended and paragraph 2(2) allows a third term, sub-paragraph (3) is to be read as if the references to first and second terms were references to second and third terms respectively.