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The Bank of England is the central bank of the United Kingdom. It was founded in 1694 in London to act as the English Government's banker. The Bank of England has a monopoly on the issue of banknotes in England and Wales although not in Scotland and Northern Ireland which have their own central banks, though their notes must be guaranteed by a deposit into the Bank of England. The tube station Bank is named after the bank and there is direct access between the two.