Toggle search Home Responsibilities Money Markets Money Markets Financing Remit Gilt Market Money Markets About Treasury Bills Discretionary Bilateral Treasury Bill Facility Primary Participants Debt Management Account Deposit Facility (DMADF) Local Authority Lending Public Sector Funds (CRND) Guarantee Schemes Price Provision Green Gilts Information This section includes information on the DMO’s cash management activities. The DMO took over full responsibility for Government Exchequer cash management, from the Bank of England, on 3 April 2000. The DMO’s cash management remit is published annually by HM Treasury and its cash management objective is to ensure that sufficient funds are always available to meet any net daily central government cash shortfall and, on any day there is a net cash surplus to ensure that this is used to best advantage. The DMO’s role is to make arrangements for funding and for placing net cash positions, primarily by carrying out market operations in the light of forecasts provided by HM Treasury of daily net cash flows into or out of the National Loans Fund (NLF). The DMO’s objective in carrying out these operations is to minimise the cost of offsetting the Government’s net cash flows over time, while operating in a risk framework approved by Ministers. In doing so the DMO seeks to avoid actions or arrangements which would undermine the efficient functioning of the sterling money markets or conflict with the operational requirements of the Bank of England for monetary policy implementation. The Exchequer's cash flow has a fairly regular seasonal and monthly pattern; but it is also subject to considerable uncertainty, associated largely with unpredictability in the timing of some tax and expenditure flows. The DMO's approach is to rough tune the seasonal pattern of flows mainly through weekly issuance of Treasury bills and bilateral dealing in a range of money market instruments. The variation in the forecast of Exchequer flows means however that there is usually a need to fine tune the flows and this is done through bilateral dealing on a daily basis, mainly in the secured markets. Please select one of the following options: An introduction to Treasury bills A list of Treasury bill primary participants A comprehensive set of the DMO’s money market publications Information and application form for the Debt Management Account Deposit Facility (DMADF) Data relating to Treasury bills About the DMO Who we are Our responsibilities Press Office Freedom of Information Privacy Notice Cookie Policy Accessibility Responsibilities Financing Remit Gilt Market Money Markets Green Gilts Local Authority Lending Public Sector Funds (CRND) Guarantee Schemes Price Provision News & Publications Publications News Calendars Events Calendar Issuance Calendar Help Careers Contact Sitemap Terms of Use We use necessary cookies to make our site work. We would also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences. For more detailed information about the cookies we use, see our . Some of these cookies are essential, while others help us to improve your experience by providing insights into how the site is being used. I Do Not Accept Necessary Cookies Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions. Analytics Analytics On Off We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. For more information on how these cookies work please see our Cookie Policy. The cookies collect information in an anonymous form. About this tool (Opens in a new window) Cookie Control Link Icon