ɪt wʌz mˈɑːdəld ɔnðə bˈæŋk ʌv ˈɪŋɡlənd ænd wʌz, ɪn ɪfˈɛkt, sˈɛt ˌʌp wɪððɪ ɐsˈɪstəns ʌv sˈiːnjɚɹ ˈɑːfɪsɚz ʌvðə bˈæŋk ʌv ˈɪŋɡlənd.
It was modelled on the Bank of England and was, in effect, set up with the assistance of senior officers of the Bank of England.