The Bank of England, founded in 1694 by Scottish banker William Paterson, is the United Kingdom's central bank. Originally established as private banker to the government of England, since 1946 it has been a state-owned institution. The bank has a monopoly on the issue of banknotes in England and Wales, although not in other parts of the United Kingdom. The government has devolved responsibility to the bank's Monetary Policy Committee for managing the monetary policy of the country and setting interest rates.