§ 78. Mr. Harold Davies
asked the Chancellor of the Exchequer who advises the Comptroller of the National Debt on investment policy.
§ 79. Mr. Harold Davies
asked the Chancellor of the Exchequer the function of the National Debt Commissioners; and when they last met.
§ Mr. R. A. Butler
The Comptroller General of the National Debt Office is advised by the Assistant Comptroller, who is also Actuary to the National Debt Commissioners, and the staff of the National Debt Office. This advice is given in the light of information provided by the Departments, which are responsible for the management of the Funds and have moneys to be invested, as to the purposes and requirements of those Funds. In many cases the Departments will have consulted the Government Actuary. Advice as to market conditions is given to the Comptroller General by the Government Broker.
The main functions of the National Debt Commissioners are the investment of a number of public funds, including the Post Office Savings Bank, the Trustee Savings Banks, and the National Insurance Funds, and the application of Government Sinking Funds. They also grant and pay Government life annuities, and have administrative duties in connection with the Trustee Savings Banks.
The Commissioners last met in 1860. Their functions have since been exercised by the Comptroller General of the National Debt Office, subject, where 160W necessary, to the directions of the Chancellor of the Exchequer, and the Governor and Deputy-Governor of the Bank of England, acting as a quorum of the Commissioners under the National Debt Commissioners Act, 1818. The Comptroller General has direct access to them at any time when he requires their directions or authority.