The Governor an Company of the Bank of England (usually shortened to the Bank of England) is a state-owned institution and the central bank of the United Kingdom, that convenes the eponymous Monetary Policy Committee that is responsible for managing the monetary policy of the country. It was established in 1694 to act as the English Government's banker, and to this day it still acts as the banker for the UK Government. The Bank has a monopoly on the issue of banknotes in England and Wales.