Debt and reserves management report 2012-13
This is the twentieth report outlining the Government's debt management activities and the second since the introduction of the new fiscal framework in 2010. The Debt and reserves management report 2012-13 is published in accordance with the Charter for Budget Responsibility. The Charter requires the Treasury to report through its Debt Management Report, as part of the Budget, plans for borrowing in each financial year, and set remits for its agents. The Charter requires the report to include the following: (i) the overall size of the debt financing programme for each financial year; (ii) the planned maturity structure of gilt issuance and the proportion of conventional and index-linked gilt issuance; (iii) a forecast of net financing from National Savings and Investments. The publication is divided into two chapters, with three annexes.
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The Debt Management Offices financing remit for
Annex A Debt portfolio
Annex B Context for decisions on the Debt Management
National Savings and Investments financing remit for
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Asset Purchase Facility Autumn Statement average maturity Bank of England bank reserves billion Box 2.A Budget Responsibility cash position cent of GDP cent of total central government CGNCR Chart B.8 contribution to financing conventional and index-linked cost and risk debt issuance debt management objective debt management policy debt portfolio debt service cost demand for gilts DMO will continue DMO's end-December end-March financing arithmetic financing remit fiscal consolidation fiscal mandate fiscal policy full funding rule gilt issuance gilt market gilt sales gilts and Treasury HM Treasury index-linked gilts interest rate refinancing issuance methods issuance strategy issue liquidity long-term longer-dated market expectations market liquidity maturity and type Means Advance medium conventional gilts monetary policy nominal NS&I OBR'S Official Reserves overall planned projected financing requirement rate refinancing risk risk premium Royal Mail short conventional gilts shown in Chart standard deviation syndicated offering total issuance Treasury bill stock types of gilt yield curve