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UK Debt Management Office (DMO)

Update on future provision of gilt and Treasury bill reference prices
PDFReference Prices Update

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.

Welcome to the UK DMO

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 PDFDMADF.

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.

Gilt and Treasury Bill Reference Price Provision

The DMO has announced a strategic intention to withdraw in due course from the provision of daily end of day gilt and Treasury bill reference prices.

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