Debt Management Office

Lord Pearson of Rannoch Excerpts

Tuesday 20th July 2010 Lords Chamber

[Lord Sassoon]

My Lords, we consider carefully each year and publish transparently the mandates for the Debt Management Office, but consider in that context the remit that we give to NS&I. Its essential task is to contribute in a cost-effective manner to debt raising. It has to look against the targets for debt raising, which we give it, at the appropriate product set that it offers to the public. It is in that context that it periodically withdraws or introduces new products.

[Lord Pearson of Rannoch]

My Lords, do the Government agree with the Written Answer of the previous Government on 21 July 2009 to the effect that overall supervision of all our financial services is to be vested in the European Union? Which category does this debt management fall under? Is it day-to-day supervision or will it be controlled by the overall supervision of all our financial services which we have passed to Brussels?

[Lord Sassoon]

My Lords, I do not recollect the previous Government’s Answer to that Question, but I would be surprised if they gave the Answer that we have just heard because supervision of our financial institutions is not being transferred to Brussels under any current proposal.