§ Lord Hogg of Cumbernauld
asked Her Majesty's Government:
What are the future organisational arrangements for government debt and asset management. [HL3505]
§ Lord McIntosh of Haringey
Following a detailed review of the current arrangements and future requirements for government debt and asset management, the National Debt Office (NDO) and the Public Works Loans Board (PWLB) will be integrated with the UK Debt Management Office (DMO) with effect from 1 July. Both the NDO and the PWLB are part of the National Investment and Loans Office (NILO) and the relevant staff will be relocated to the DMO's offices. This reorganisation, while maintaining provision of existing services, is designed to deliver improved management of the central government balance sheet and to offer a more robust, flexible and innovative service to public sector clients.
At the same time the remaining part of NILO, the Office of HM Paymaster General (OPG), will be merged with the Treasury, while also maintaining the provision of its existing services. NILO will thereafter cease to exist.