HC Deb 20 April 2000 vol 348 cc637-8W
Barbara Follett

To ask the Chancellor of the Exchequer when he will publish the UK Debt Management Office's targets for 2000–01. [120349]

Miss Melanie Johnson

The DMO's targets for 2000–01 are set out as follows, together with the outturn against the equivalent targets for 1999–2000. The range of targets has been extended somewhat to reflect the taking over of responsibility by the DMO for Exchequer cash management on 3 April 2000. The DMO is today also publishing its Business Plan for 2000–01. Copies will be placed in the Libraries of the House.

Targets for the Debt Management Office 2000–01

  1. 1. To ensure full compliance with the Government's remit for the DMO as set out in the Debt Management Report, within the tolerances and subject to the review triggers notified separately to the Office and consistently with the objectives of monetary policy. [Target fully met in 1999–2000]
  2. 2. To ensure that the maximum time taken to issue the results of gilt auctions and structured Treasury Bill tenders does not exceed 40 minutes while achieving complete accuracy. [Target met in 1999–2000, with the exception of the auction in May 1999 when there was an unusually high number of bids]
  3. 3. To ensure that the maximum time taken to issue the results of ad hoc Treasury Bill or other tenders does not exceed 15 minutes. [New target]
  4. 4. To achieve complete accuracy, within agreed accounting tolerances, in the recording and reporting of transactions through the Debt Management Account, and in delivering 638W money (and reconciling payments) to the NLF. [The DMA came into operation in November 1999 since when the targeted requirements have been met]
  5. 5. To acknowledge all letters and e-mail inquiries from the public within eight working days and for at least 95 per cent. to be sent a substantive reply within three weeks. [Equivalent target in 1999–2000 fully met]
  6. 6. To achieve less than 10 breaches of the Operational Market Notices (excluding any breaches that the Treasury accept were beyond control of the Office). [There was one breach of the gilts Operational Notice in 1999–2000]
  7. 7. To ensure that the qualifications that the NAO have made in respect of the GOOA are satisfactorily addressed in the running and presentation of the DMA. [See target 4—The first DMA accounts will not be available until 2001–02]
  8. 8. 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. [New target]
  9. 9. 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. [New target]
  10. 10. To achieve a minimum of 99 per cent. (by value) successful settlement of agreed trades on the due date. [New target]
  11. 11. To achieve a minimum of 99 per cent. (by value) successful settlement of agreed trades on the due date. [New target]