United Kingdom Debt Management Office

Established on 1 April 1998, the UK Debt Management Office (DMO) is the executive agency of HM Treasury responsible for carrying out the UK government's debt and cash management policy. Its primary objective is to minimise, over the long term, the costs of meeting the government's financing needs, taking into account risk. The DMO achieves this by issuing government bonds (gilts) and Treasury bills, managing the government's daily cash flow, and providing lending services to local authorities through the Public Works Loan Board (PWLB).