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The Bank of England is the central bank of the United Kingdom. It was founded in 1694 and is the second oldest central bank in the world after the Swedish Riksbank. For many years the bank was privately owned, but it was nationalised in 1946. It is located in Threadneedle Street in the City of London and is nick-named "The Old Lady". The bank performs the normal functions of a central bank and also has a monopoly on issuing bank notes in England and Wales. Northern Ireland and Scotland have own central banks which issue bank notes.