HC Deb 09 April 2001 vol 366 c418W
Mrs. Lawrence

To ask the Chancellor of the Exchequer if he will publish the UK Debt Management Office's targets and business plan for 2001–02. [158059]

Miss Melanie Johnson

The DMO's targets for 2001–02 are as set out. The range of targets has been extended somewhat since 2000–01 to reflect the development of the DMO's responsibilities. The DMO is today also publishing its Business Plan for 2001–02. Copies have been placed in the Libraries of both Houses.Targets for the Debt Management Office 2001–02 To ensure full compliance with the Government's remit for the DMO as set out in he Debt and Reserves Management Report 2001–02, within the tolerances and subject to the review triggers notified separately to the Office and consistent with the objectives of monetary policy. To ensure that the maximum time taken to issue the results of gilt auctions does not exceed 40 minutes, that for structured Treasury Bill tenders does not exceed 30 minutes, and that for ad hoc Treasury Bill or other tenders does not exceed 15 minutes, while achieving complete accuracy. To achieve complete accuracy, within agreed accounting tolerances, in the recording and reporting or transactions through the Department Management Account (DMA). and in delivering money (and reconciling payments) to the National Loans Fund (NLF). To acknowledge all letters and e-mail inquiries from the public within five working days and for at least 95 per cent. to be sent a substantive reply within two weeks. To achieve less than eight breaches of the operational market notices (excluding any breaches that the Treasury accept were beyond control of the Office). To ensure that the qualifications that the National Audit Office (NAO) have made in respect of the accounts of the Gilt-edged Official Operations Account are satisfactorily addressed in the running and presentation of the DMA; and that the 1999–2001 DMA accounts are presented to the NAO by the statutory deadline. To ensure that the statutory constraint on DMO market borrowing (not to exceed its deposits with the NLF and Bank of England) is always met. To ensure that, where there is a late change in the forecast, any necessary use of end-of-day borrowing or lending facilities is notified by the due time. To ensure that instructions to counterparties, agents and external systems are complete, accurate and timely, and that monitoring of the progress of transactions through to settlement is effective, so that DMO achieves at least 99 per cent. (by value) successful settlement of agreed trades on the due date. To achieve 100 per cent. accuracy in material published on the DMO website (in so far as the material is under the control of the DMO and not third parties).