Founded in 1694, Bank of England (formally The Governor and Company of the Bank of England) is a public sector institution that is wholly-owned by the government. The Bank of England is the central bank of the whole of the United Kingdom and acts to o ‘promote the public good and benefit of our people’. The Bank of England manages the monetary policy, identifies and monitors risks in the financial system, and takes action to reduce or remove them where necessary. The Bank of England also acts as a settlement agent for banks and other members of several payment systems. The Bank of England provides wholesale banking services to the UK Government, over 100 overseas central banks and, where there are financial stability reasons to do so, certain other financial sector firms.