The UK Debt Management Office (or DMO), was established on 1 April 1998. The DMO is responsible for carrying out the Government's debt management policy of minimising financing costs over the long term, taking account of risk, and managing the aggregate cash needs of the Exchequer in the most cost-effective way, in both cases consistently with the objectives of monetary and any wider policy considerations. In institutional terms, the DMO is legally and constitutionally part of HM Treasury, but as an executive agency, it operates at arm's length from Ministers. The Chancellor of the Exchequer determines the policy and financial framework within which the DMO operates, but delegates to the Chief Executive operational decisions on debt and cash management, and day-to-day management of the office. Prior to the establishment of the DMO, management of the Government's debt was undertaken by the Bank of England on behalf of the Treasury. Change was required following a combination of the Government's decision to give the Bank independent powers on monetary policy and rules related to Economic and Monetary Union of the European Union which prohibit government borrowing from central banks. External link http://www.dmo.gov.uk/ Search Term: "UK_Debt_Management_Office" Categories: Government debt | City of London | Economy of the United Kingdom | Executive agencies of the United Kingdom government