§ Mr. John Hallasked the Chancellor of the Exchequer if he will list the functions of the National Debt Office, and show the current annual cost of each function and the total annual cost of the Office.
§ Mr. TaverneThe functions of the National Debt Office comprise:—
1. Investment, management and accounting duties in connection with:—
The Debt Reduction and Sinking Funds.
The Fund for the Banks for Savings (the investment fund for Trustee Savings Banks Ordinary Department moneys).
National Savings Bank Investment Funds.
National Insurance and Industrial Injuries Investment Funds.
Court Fund Investment Account.
Hospital Endowments Fund Investment Account.
Other smaller funds.
2. Statutory responsibilities of administration and supervision of Trustee Savings Banks (including National Savings Stock Register work).
3. Management and payment of Government Life Annuities and administrative and accounting responsibilities of the work of the Pensions Commutation Board.
4. Other miscellaneous duties.
The current costs of these functions for 1969–70 are respectively estimated as £50,000, £90,000, £35,000 and £2,000 and the total cost (including allied services) is £177,000. Of this sum, £151,000 is expected to be recovered in the form of management charges from other Government Departments and from fees and commissions for services rendered.