Its name, which derives from the neighbouring Westminster Abbey, may refer to several historic structures but most often: the "Old Palace", a medieval building-complex largely destroyed by fire in 1834, or its replacement, the "New Palace" that stands today. The palace is owned by the monarch in right of the Crown and, for ceremonial purposes, retains its original status as a royal residence. Committees appointed by both houses manage the building and report to the Speaker of the House of Commons and to the Lord Speaker.