1An Introduction to the Bank of England Archive*
Yuko Matsuzaki
Information Resources Center, Shibusawa Eiichi Memorial Foundation
Published on July 25, 2015

Contents
What is the Bank of England?
The Beginnings of the Bank of England Archive
The Collections of the BOE Archive
The BOE Archive and Museum
Access to and Use of the BOE Archive
Recordkeeping and Digitization
Looking at the BOE Archives from Japan
About Dr. Mike Anson
Links and Online Resources from the BOE Archive
References* This article is based on an interview of Dr. Mike Anson, archive manager of the Bank of England(BOE) and the chair of the Business Archives Council. The interview was conducted by the author
on April 11, 2014, at the BOE Archive. Other reference materials used in the article are listed in the
bibliography at the end.

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2What is the Bank of England?
The Bank of England (BOE) is the central bank of the United Kingdom,
responsible for maintaining monetary and financial stability in the UK. It was formed in
1694 by an act of parliament in return for undertaking loans to the government to fundthe war against France. It was also granted a Royal Charter, sealed on 27 July of thesame year. The founding charter stated that the BOE’s purpose was to “promote thepublic good and benefit of our people.” It opened a few days later in Grocers’ Hall,
London, as the first public bank in England and Wales. In 1734, the Bank moved toThreadneedle Street in London, where it still stands today.
The Bank was nationalized in 1946 and its supervision of financial markets,banks, and other institutions was greatly extended during the post-World War II years.
In 1997, however, this changed. Supervisory functions were transferred to the Financial
Service Authority, a new and entirely separate body. At the same time the Bank wasgiven the operational responsibility for monetary policy and the statutory responsibility
for setting interest rates. The same year, Parliament voted to give the Bank operational
independence with a clear remit to pursue price stability.
After the financial crisis of 2008-2009, a new approach to financial regulationin the UK was sought. The Financial Service Act of 2012 established an independent
Financial Policy Committee (FPC), a new prudential regulator as a subsidiary of theBank, and created new responsibilities for the supervision of financial market
infrastructure providers. The FPC was charged with taking action to remove or reduce
systemic risks with a view to protecting and enhancing the resilience of the UK
financial system. The committee has a secondary objective to support the economic
policy of the Government.

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The Prudential Regulation Authority (PRA) is responsible for the supervisionof banks, building societies and credit unions, insurers, and major investment firms. In
total the PRA regulates around 1,700 financial firms. Its role is defined in terms of two
statutory objectives to promote the safety and soundness of these firms and, specificallyfor insurers, to contribute to the securing of an appropriate degree of protection forpolicyholders.

The Beginnings of the Bank of England Archive
The 1930s saw significant developments in archives in general and was thedawn of business archives in the United Kingdom in particular. In 1932, the British
Records Association was established and George Clark, Chicele Professor of Economic
History at Oxford, gave his inaugural lecture in January of the same year. After some
preparation, the Council for the Preservation of Business Archives was formed in 1934.
(The CPBA changed its name to the Business Archives Council (BAC) in 1952.)
It was amidst these developments that an early form of the BOE Archive began
to sprout. In 1934 an order by the governor authorized the secretary of the Bank toallow access by members of the public to records over 100 years old and in 1938 theArchive Committee was established. Although the Second World War impeded further
progress of the Bank’s archive, as was the case with all other UK institutions, thecreation of a Central Archive was suggested at an internal Bank meeting in December
1956. The Archive Section was finally created in 1960 to list and assemble Bank
records.
The first professional archivist was appointed in 1972, paving the way for theArchive to be “brought together and fully catalogued for the first time” in the two

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decades that followed. This included adopting a classification system based on otherdepartments within the Bank in 1978; the Archive Committee agreeing on the Bank’s
archive policy in 1983; publishing “a detailed Manual of Guidance, for the use ofinternal staff” in 1992; and publishing the first Guide to the Archive in 1998. (Millard etal., 46) A range of changes to the structure and role of the Bank meant that, when theclassification system was reviewed in 2000, it was no longer useful and a new accession
number-based system was brought in. According to the Bank’s archivists, “The newscheme, based on accession numbers, has proved much more flexible and provenancecan still be assigned to each record or group of records as appropriate.” (Millard et al.,46) In my interview with Dr. Anson and Ms. Millard, I discovered additionally that thestructure of the archival catalogue at the Bank is very flat, having only series leveldescriptions.
As for storage, much of the Archive’s records were kept for many years at theBank’s Record Office in Roehampton, South London, before being moved into
commercial storage in 1997. Then, in 2001, the entire collection was finally gathered in
the strong rooms of the Bank’s head office in Threadneedle Street for the first time. This
greatly improved the quality of service to users. The new location thus supported theArchive in achieving its threefold mission, that of (1) preservation, (2) collecting andcataloguing, and (3) providing access to the public.

The Collections of the BOE Archive
According to the BOE’s website, the Archive holds more than “80,000 volumes,
files and individual records relating to the Bank of England’s history, past business anddecision-making dating from its foundation in 1694.” Specifically this includes
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5“customer and staff minutes and papers of the Court of Directors, the Bank’s governing
body, correspondence from the Bank’s regional branches on developments in local tradeand industry and modern files detailing changing policies, day to day work andrelationships with international central banks and governments.”(http://www.bankofengland.co.uk/archive/Pages/faqs.aspx).
The vast collections understandably include a range of series and individual
records for every interest. In their guide to banking records, Turton and Orbell note thefollowing series.
-

Governors and Secretaries (1694-1986)
Establishment Department (1695-1989)
Administration Department (1695-1989)
Cashier’s Department (1694-1989)
Accountant’s (later Registrar’s) Department (1694-1987)
Economic Intelligence Department (1758-1993)
Overseas Department (1800-1985)
Exchange Control Department (1932-82)
Printing Works (1837-1989)
Audit Department (1894-1973)
Securities Management Trust Ltd (1900-77)
Bankers’ Industrial Development Trust Co Ltd (1930-44)
Freshfields (1695-1931)
Museum printed and manuscript collections (1681-1987)

Millard et al., on the other hand, highlight the following series as “unexpectedcollections.” (47-51)-

Customer and Government accounts, 1694-1988
Regional branch records
Personal papers of Humphrey Morice
Freshfields prison correspondence, 1781-1844
Overseas files
Personally, on my visit to the BOE Archive, I was interested in individual

records. I was lucky enough to be given the opportunity to be shown the undergroundstacks of the Archive, a space that was previously used as a bank vault. While a replica
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6of the original Royal Charter is on display in the BOE Museum, the original and two
seals are kept in the secured underground area. Being able to see the original of thisimportant historical document was a highlight of my tour of the Archive and provided avisible reminder of the rich holdings of the Bank.

The BOE Archive and Museum
In addition to the Archive, the BOE also runs the Bank of England Museum,
dedicated to “the history of the Bank, its buildings, and the people who have shaped itover more than 300 years.”(http://www.bankofengland.co.uk/education/Pages/museum/visiting/default.aspx)
Besides permanent exhibitions, the Museum also holds special exhibitions throughout
the year, offers tours for children or other groups, and runs talks and other special
events.
The division of responsibility between the Archive and the Museum haschanged in recent years. Firstly, while family history or genealogical enquiries used to
be answered by both sections, this has now been changed so that the Archive is solely
responsible for responding to these types of enquiries. Secondly, the photographic
collection, which used to be under the care of the Museum, but was not properly
catalogued, was recently transferred to the Archive. According to Dr. Anson one of thereasons for this was that the Archives were best suited to utilizing images such as
photographs for information dissemination including as web content once digitized.

Access to and Use of the BOE Archive
External researchers have long been welcomed by the BOE Archive. Anyone

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can visit the Archive with the purpose of conducting academic research on open records.
Appointments are required, however, and researchers will need to provide details on thenature of their work and what kind of records they wish to access. Researchers may also
be requested to provide identification. Photocopy services were terminated for theReading Room in November 2004, but was replaced a system for allowing digital
photography of records by researchers. Since photography is prohibited in the Bank forsecurity reasons, photography of records by researchers must be done only in thedesignated area under the supervision of Archive staff.
The Bank is not subject to the Public Records Act, but has voluntarily adopted
a similar access policy of opening most files after 30 years. Confidential and sensitive
files, however, may not be opened on the same schedule. Legislative changes havebrought about changes to the Bank’s policy as the UK National Archives, in 2013,
began to move towards releasing records after 20, instead of 30 years. The Bank’s
website now notes that:from 2013 it is the policy of the Bank to make most records over 20 years oldavailable to the public for research. The change from the current 30 year
closure period to 20 will be achieved through an accelerated release ofmaterial over a ten year period, between 2013 and 2022.
It is however necessary to keep some records closed for longer.
These decisions consider any sensitivities in relation to the release ofmaterial including, for example, personal information, customer
confidentiality, information given in confidence, received for the purposes ofbanking supervision, and relating to the security of the Bank and its
operations. Additional considerations may take into account material whichis restricted by other organizations or relating to matters of national security,
the sovereign and international affairs.
(http://www.bankofengland.co.uk/archive/Pages/faqs.aspx)
In contrast, the BOE is subject to but not required to fully comply with theFreedom of Information Act of 2005. As Millard et al. note, theBank has certain exclusions under FoI, placing information relating to the

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8Bank’s monetary policy, its role as lender of last resort, and its privatebanking functions outside the scope of the Act. In many ways this makes
dealing with information requests more difficult, as each piece of information
has to be assessed in relation to these exclusions and then, if judged to bewithin the scope of the Act, assessed in relation to any other sensitivities or
exemptions which may apply. (51-52)

Recordkeeping and Digitization
Currently teams from both the Archive and Records Management report
directly to the secretary of the Bank and, as such, the two teams have been working
closely with each other. As the majority of documents created and stored by the Bank
are now in electronic form, the electronic document management (EDM) system ofAutonomy Records Manager (ARM) is used for current records, but another databasesystem was also necessary as Bank archivists note that the “EDM system has been
designed to store documents only and is not considered suitable for other media becauseof their size and problems of access.” (Millard et al., 55)
As a result, the CALM system is used for archives. As mentioned earlier,records are usually opened 30 years after their creation, at which time the CALM
system absorbs data from the records management system and the Bank’s archivists add
more descriptive metadata in order to improve the retrievability of information. The
Archive also reviews sensitive or confidential records and makes a decision on if andwhen they should be opened to the public.
Since 2012, the BOE Archive has been actively engaging in the digitization of
its archival materials in order to facilitate access to and use of records and information.
Currently the Archive has four main divisions of information available online: Archive
documents, including selected records such as the minutes of the Committee ofTreasury; Bank Publications pre-2005, including Annual Reports and Inflation Reports;
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9Archive Publications, including recruitment brochures and a guide to the caricature
exhibition held by the BOE Museum; and the War Gallery, drawing on pictures from the
War Memorial commemorating BOE staff who lost their lives in WWI and WWII.
(http://www.bankofengland.co.uk/archive/Pages/digitalcontent/digitalcontent.aspx)
In addition to sharing digital information on its website, the BOE has a Flickr
page. (https://www.flickr.com/photos/bankofengland/sets/) As of July 23, the page hadjust under 500 photographs including not only those of Bank staff and the stunningarchitecture of the Bank itself, but also items from the collections of the Archive.
Although the page has only 92 followers, individual albums and photographs have beenviewed upwards of 4,000 times. With, an increasing number of archives and museums
from North America and Europe, for example, participating in digital projects such as
the Flickr The Commons (https://www.flickr.com/commons/institutions/), the BOE isby no means the only public institution to share photographs through social networks,
but when combined with the BOE’s other efforts for information disclosure anddissemination, is impressive in how it makes the Bank and its long, colorful, andcomplicated history more comprehensible and approachable.

Looking at the BOE Archives from Japan
From the standpoint of the archives community in Japan there are a number ofpoints that are striking when thinking about the BOE Archive. The most important isseen in a statement by Millard et al, the “endorsement and input of senior staff at thehighest levels and the use of a Bank-wide structure of working groups which involve
records practitioners within business areas. ” (55) Not only is the involvement andsupport of high-ranking Bank management important as a key factor in the Archive’s

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achievements, but the emphasis on inter-divisional cooperation, for example between
the Archive and records management section or IT, is also remarkable. These sorts oflinkages or instances of organic cooperation within the parent organization can add
value to the business of the parent organization as well as to the archive section itself
and thus provide an example to be emulated by business archives in Japan.

About Dr. Mike Anson
As noted at the start, this article was written with the kind assistance of Dr.
Mike Anson, the archive manager of the Bank of England. Dr. Anson began as ahistorical researcher with the BOE in 2004 and was appointed as the archive manager in
2014. Prior to this he had been a research assistant with the Business History Unit
(BHU) of the London School of Economics and Political Science and contributed to thecommissioned history of British Rail, British Rail 1974-1997: From integration to
privatisation (Oxford, 2002). After a stint as an archivist with the British Railways
Board, Dr. Anson returned to the BHU in 2002, as a research officer working withProfessor Terry Gourvish on the official history of the Channel Tunnel sponsored by the
Cabinet Office, The official history of Britain and the Channel Tunnel (Routledge,
2006).
Dr. Anson has also been deeply involved with the activities of the BusinessArchives Council (BAC). He was the editor of the BAC journal, Business Archives,
from 2004 to 2011 and was elected as the chair of the BAC executive committee in
November 2013. His contributions to the BAC journal include:-“History in Firms’ Documents: 75 Years of the Business Archives Council.”Business Archives: Principles and Practice Vol. 100 (May 2010).
“Insights into an Enigma? Discovering Montagu Norman through the Bank of

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England Archive.” Business Archives: Principles and Practice Vol. 104 (May2012).
Dr. Anson has an active social media presence, having started to tweet on
behalf of the BAC in September 2013 and then starting his own account in January
2014. I have found both accounts very useful for information on the current activities of
the BAC and business archives and archivists in the UK.
Mike Anson:
BAC:

https://twitter.com/BAC_Chair
https://twitter.com/_BusinessArch
https://twitter.com/_BusinessArch/status/3828083570540584
96

Links and Online Resources from the BOE Archive
Top page: http://www.bankofengland.co.uk/archive/Pages/default.aspxx
Visiting the Archive: http://www.bankofengland.co.uk/archive/Pages/visit.aspx
Contact the Archive: http://www.bankofengland.co.uk/archive/Pages/contact.asｃpx
Frequently Asked Questions: http://www.bankofengland.co.uk/archive/Pages/faqs.aspx
Bank of England Archive Catalogue: http://www.bankofengland.co.uk/CalmView/
Advanced search:
http://www.bankofengland.co.uk/CalmView/advanced.aspx?src=CalmView.Catalog
How do I search the catalogue?: http://www.bankofengland.co.uk/CalmView/How.aspx
About the Catalogue: http://www.bankofengland.co.uk/CalmView/Aboutcatalogue.aspx
Catalogue FAQs: http://www.bankofengland.co.uk/CalmView/FAQs.aspx
Bank Publications pre-2005:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/historicpubs/publications.aspx
Archive documents:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/archiv
e.aspxThe Bank of England 1914-21 (Unpublished War History):
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/warhis
toryww1.aspx
The Bank of England 1939-45 (Unpublished War History):
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/warhis
toryww2.aspx
Committee for Building Minutes 1764-1871:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/buildin
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12gminutes.aspx
Committee of Inspection Minutes 1783-90:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/commi
nspection.aspx
Committee for Lawsuits Minutes 1802-1908:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/comml
awsuits/commlawsuits.aspx
Committee of Treasury Minutes 1779-1987:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/treasur
yminutes/treasuryminutes.aspx
Court of Directors' Minutes 1694-1987:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/courtm
inutes.aspx
Daily Account Books 1851-1983:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/dailya
ccountbooks/dailyaccountbooks.aspx
Diaries of Montagu Norman 1913-44:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/mnor
man.aspx
Directors' Annual Lists 1694-1950:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/directo
rsannuallists.aspx
First World War Service Records 1914-19:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/ww1se
rvicerecords.aspx
Freshfields Prison Correspondence 1781-1840:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/freshfi
elds.aspx
Index to Original Subscribers to Bank Stock 1694:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/origina
lsubscribers.aspx
Memorial to Fallen Colleagues 1914-18:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/ww1memorial.aspx
The Old Lady - War Memorial Supplement, 1939-45:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/archivedocs/ww2su
pplement.aspx
News Releases pre-2012:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/historicpubs/newsr
eleases.aspx
24.05.10 News Release - The Realities and Relevance of Japan's Great Recession:
http://www.bankofengland.co.uk/archive/Documents/historicpubs/news/2010/045.pdf
Speeches and Articles pre-2012:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/historicpubs/speech

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es.aspx
Treasury Committee Hearings pre-2011:
http://www.bankofengland.co.uk/archive/Pages/digitalcontent/historicpubs/treasur
ycommittee/default.aspx
Social Media Accounts:
Twitter: https://twitter.com/bankofengland
Flickr: https://www.flickr.com/photos/bankofengland/sets/
The Bank of England Museum:
http://www.bankofengland.co.uk/education/Pages/museum/visiting/default.aspx

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References
Anson, Mike. “History in Firms’ Documents: 75 Years of the Business Archives
Council.” Business Archives Vol. 100 (2010): 1-11.
http://public.bacs.daisy.websds.net/PDFFiles/Articles/100001.pdf (accessed July16, 2015).
Bank of England. “Bank of England – Home.” http://www.bankofengland.co.uk(accessed July 16, 2015).
London School of Economics and Political Science. “Dr Mike Anson – Who’s Who –Business History Unit – Economic History – Home.”
http://www.lse.ac.uk/economicHistory/BHU/whosWho/anson.aspx(accessed July 16, 2015).
Mathias, Peter. “The First Half Century: Business History, Business Archives and theBusiness Archives Council.” Business Archives Vol. 50 (1984): 1-16.
http://public.bacs.daisy.websds.net/PDFFiles/Articles/50001.pdf (accessed July16, 2015).
Millard, Sarah, Jenny Ulph, and Hayley Wilding. “A New Direction for an Old Lady:
An Overview of the Bank of England Archive, Its Work and Future Challenges.”
Business Archives Vol. 91 (2006): 44-59.
http://public.bacs.daisy.websds.net/PDFFiles/Articles/91043.pdf (accessed July16, 2015).
Turton, Alison, and John Orbell. British Banking: A Guide to Historical Records.
Burlington: Ashgate, 2001.

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