UK Debt Management Office (DMO)

The DMO is an Executive Agency of Her Majesty's Treasury. The DMO's responsibilities include debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

Gilt Market Gilts are marketable sterling government bonds issued by the DMO on behalf of the UK Government as part of its debt management responsibilities. They are issued to finance the borrowing requirement and to refinance maturing debt.	Money Markets The DMO conducts its cash management operations in the sterling money markets by a combination of bilateral trades with counterparties and the issuance of Treasury bills, which are marketable sterling zero-coupon instruments.
Lending to local authorities The Public Works Loan Board (PWLB) is a statutory body operating within the DMO and is responsible for lending money to local authorities and other prescribed bodies, as well as for collecting the repayments.	Managing public sector funds The statutory functions of the Commissioners for the Reduction of the National Debt (CRND) are carried out in the DMO. The CRND’s main responsibility is the investment and management of government funds.