Established by a Scotsman and given a Royal Charter in 1694, the Bank of England has managed one of the world's global currencies ever since. Since 1734, the bank has been located on Threadneedle Street in London. The bank was privately owned until 1946 when it was nationalized. In 1997, the bank bacame an independent public organization owned by the British government, with independence in setting monetary policy for the United Kingdom.