<P> Britain remained on the gold standard until 1931 when the gold and foreign exchange reserves were transferred to the Treasury, but they continued to be managed by the Bank . </P> <P> During the governorship of Montagu Norman, from 1920--44, the Bank made deliberate efforts to move away from commercial banking and become a central bank . In 1946, shortly after the end of Norman's tenure, the bank was nationalised by the Labour government . </P> <P> After 1945 the Bank pursued the multiple goals of Keynesian economics, especially "easy money" and low interest rates to support aggregate demand . It tried to keep a fixed exchange rate, and attempted to deal with inflation and sterling weakness by credit and exchange controls . </P> <P> In 1977, the Bank set up a wholly owned subsidiary called Bank of England Nominees Limited (BOEN), a private limited company, with two of its hundred £ 1 shares issued . According to its Memorandum & Articles of Association, its objectives are: "To act as Nominee or agent or attorney either solely or jointly with others, for any person or persons, partnership, company, corporation, government, state, organisation, sovereign, province, authority, or public body, or any group or association of them ..." Bank of England Nominees Limited was granted an exemption by Edmund Dell, Secretary of State for Trade, from the disclosure requirements under Section 27 (9) of the Companies Act 1976, because "it was considered undesirable that the disclosure requirements should apply to certain categories of shareholders ." The Bank of England is also protected by its royal charter status, and the Official Secrets Act . BOEN is a vehicle for governments and heads of state to invest in UK companies (subject to approval from the Secretary of State), providing they undertake "not to influence the affairs of the company". BOEN is no longer exempt from company law disclosure requirements . Although a dormant company, dormancy does not preclude a company actively operating as a nominee shareholder . BOEN has two shareholders: the Bank of England, and the Secretary of the Bank of England. . </P>

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