§ Barbara FollettTo ask the Chancellor of the Exchequer what plans he has to assess the past performance of, and future options for, the National Investment and Loans Office. [141279]
§ Miss Melanie JohnsonThe National Investment and Loans Office fulfils an important role at the heart of Government. It comprises three bodies: the National Debt Office (NDO) administers departmental investment funds, including the National Insurance Fund and the National Lottery Distribution Fund. These funds are invested in gilts and other government securities; the Public Works Loan Board (PWLB) makes and administers loans (drawn956W on the National Loans Fund) to local authorities; and the Office of the Paymaster General (OPG) holds balances and provides a banking service to Government Departments and other public bodies.
I have asked Treasury officials to conduct a review of NILO's operations, working closely with NILO's senior management, and consulting NILO's customers and other interested stakeholders. The objective is:
To review the management performance of the National Investment and Loans Office since it absorbed the Office of the Paymaster General in 1996, and to advise Treasury Ministers on the options to improve future delivery of Government objectives.The review will conclude by spring 2001.