Public Works Loan Board (PWLB)
About the PWLB
The Public Works Loan Board is a statutory body of up to twelve Commissioners (53KB) appointed by the Crown to hold office for four years; three Commissioners retire each year on 1 April but are eligible for re-appointment. The United Kingdom Debt Management Office has operated the PWLB since July 2002.
The Commissioners retain a statutory, quasi ceremonial role only, derived from Acts of 1875 and 1946. The Commissioners and its Chair are unpaid. Nowadays the small residual function is simply to hold these posts in order that the function of central government lending to local government complies with statute.
The Commissioners meet once a year to review the PWLB Report and Accounts that are prepared by DMO. They have no role in the operational processes or the day-to-day management of the PWLB function. Statute requires the Crown to appoint 12 Commissioners (one of whom acts as Chair and another as Deputy Chair ) and this process is done under normal public appointment procedures (e.g. advert on Cabinet Office website).
Moneys are provided by Act of Parliament, drawn from the National Loans Fund and rates of interest are determined by the Treasury. The Board's accounts are audited by the Comptroller and Auditor General whose reports on them are laid before Parliament.