Commissioners for the Reduction of the National Debt - Investment Accounts
This investment account has existed since 1920 with little change except in its title - it was originally known as the Crown Lands Account.
Section 3(4) of the Crown Estate Act 1961 requires that where monies forming part of the Crown Estate are to be invested, they shall be invested either in property in the name of the Crown Estate Commissioners, or in the name of CRND in securities authorised as investments for ordinary investments with the National Savings Bank. Permitted instruments include securities created or issued under the authority of an Act of Parliament or securities whose principal and/or interest is guaranteed by the UK Government, such as gilts.
Such investments were managed by CRND until early October 2006, when the Crown Estate instructed CRND to sell its gilt holdings and to transfer the proceeds to the Crown Estate’s commercial bank account. This instruction was effected on 9 October 2006 and since that date the CRND Crown Estate account has been dormant.