HC Deb 08 June 1999 vol 332 cc285-6W
Ms Lawrence

To ask the Chancellor of the Exchequer if he will publish the UK Debt Management Office's targets for 1999–2000. [86304]

Ms Hewitt

The DMO's targets for 1999–2000 are set out as follows, together with the outturn against the equivalent targets for 1998–99. The DMO is today also publishing its Corporate Overview and Business Plan for 1999–2000. I will arrange for a copy to be placed in the Library.

Targets for the Debt Management Office 1999–2000

  1. 1. To ensure full compliance with the Government's remit for the issuance of debt to finance the Central Government Net Cash Requirement as set out in the Debt Management Report within the tolerances and subject to the review triggers notified separately to the Office. [Similar target met in 1998–99.]
  2. 2. To ensure that the maximum time taken to issue the results of gilt auctions does not exceed 40 minutes while achieving complete accuracy. [Same target met in 1998–99.]
  3. 3. To establish with a view to introduction in Q4 1999 (unless market consultation recommends Q1 2000) a system for managing the Exchequer's aggregate cash position which achieves cost-effective financing and is operationally robust, properly conducted, legally sound and subject to minimal credit risk (to the satisfaction of an external assessor). [Similar to 1998–99, but with revised deadline.]
  4. 4. To achieve complete accuracy, within agreed accounting tolerance, in the recording and reporting of transactions through the Debt Management Account and in delivering money (and reconciling payments) to the NLF. [Same target in 1998–99.]
  5. 5. To acknowledge all letters from the public within nine working days and for at least 95 per cent. to be sent a substantive reply within four weeks. [Comparable target met in 1998–99; acknowledgment target now shorter.]
  6. 6. To achieve less than 10 breaches of the operational market notice (excluding any breaches that the Treasury accept were beyond the control of the Office). [Comparable target met in 1998–99; target now reduced from 12 to 10–an operational notice covering cash management will be published in 1999.]

  1. 7. To ensure that the qualifications that the NAO have made in respect of the Gilt-Edged Official Operations Account are satisfactorily addressed in the running and presentation of the Debt Management Account. [Same target in 1998–99.]