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.	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. DMO also provides direct access for local authorities into a government deposit facility known as the DMADF.
Guarantee Schemes The Guarantee Schemes are part of the Government's measures to ensure the stability of the financial system and to protect ordinary savers, businesses and borrowers.	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.	EU Emissions Trading Scheme The EU Emissions Trading Scheme (EU ETS) is a Europe wide scheme which aims to reduce emissions of carbon dioxide and combat climate change. The DMO has been appointed by the Department of Energy and Climate Change (Decc) to conduct the auction of EU Allowances in the UK for Phase II of the Scheme.