2/16/2011
Note the connections to laws past in England coinciding with those past in the US simultaneously.
There is an intentional plan by design to operate all transactions through the courts into England into the Bank of England.
And American thinks they are free from England? Look again folks.
Ask yourselves why the 13th amendment and titles of nobility was hidden.
The title of nobility still applies, as the courts, judges and attorneys are all directly working for England, committing treason against the United States, fraudulently conveying all Americans, particularly court fees into separate accounts, through the banks, into England
Now the truth about why judges throw temper tantrums if a party even attempts to mention the Constitution in the court.
This is because judges and attorneys know before, during and after the fact they are foreign entities, employees of the crown, profiting through the investments into the bank of England. We also previously provided the documented evidence that judges "get their orders from England>" Now the reader knows how this is done.
Anyone feel like a "Royal Pain in the "Arse" yet?
Or is the reader "Royally" ticked off yet"
All God given inherent rights reserved in perpetuity
;Jeanette Audrey; [Triplett]
| Subject: | CRIS CRND TO Administration of Justice Act 1965 and the Administration of Justice Act 1982 |
|---|---|
28 USC 2041 CRIS
h ttp://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Court_Funds
CRND (see page 10 CRIS compiled 10 24 2010)
Commissioners for the Reduction of the National Debt - Investment Accounts
Court Funds Investment Account
Up to 1965 separate accounts were maintained for the Supreme Court and the County Courts. The
Supreme Court Account received funds paid into court by suitors and invested them with a view to
earning sufficient income to cover the interest paid to suitors. It also maintained holdings of gilts to
match securities held for suitors in the books of the Accountant General. The County Court Account
also received suitors' funds for investment but covered two forms of account - a deposit account
receiving interest at a fixed rate, and an investment account with a variable rate.
These accounts were combined following the passing of the Administration of Justice Act 1965 to
form the present Court Funds Investment Account, which backs the basic and special investment
accounts available for suitors' funds. Interest is paid on these accounts at rates fixed by the Department
for Constitutional Affairs with the consent of the Treasury.
Regular meetings are held between CRND and the Court Funds Office to discuss the Fund's
investment policy. The current objectives of the Fund are to maintain sufficient liquidity to meet
withdrawals whilst producing sufficient interest and dividends to cover interest paid to suitors and the
management expenses of the Court Funds Office and CRND.
Section 39(2) of the Administration of Justice Act 1982 requires surplus interest to be paid into the
Consolidated Fund, Section 39(3) of the Act provides for any deficiency of interest to be made good
out of the Consolidated Fund and Section 39(5) provides a guarantee by the Consolidated Fund of the
capital.
h ttp://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Court_Funds
h ttp://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Court_Funds
| CRND |
| About CRND |
| National Debt Commissioners |
| Debt Reduction |
| Investment of Government Funds |
| Investment Accounts |
| Miscellaneous Accounts |
http://www.dmo.gov.uk/index.aspx?page=CRND/About_CRND
About the Commissioners for the Reduction of the National Debt
The origins of the Commissioners can be traced back directly to the passing of the National Debt Reduction Act of 1786. Although there had been numerous earlier attempts to set up sinking funds to reduce the National Debt - including one by Sir Robert Walpole in 1716 - they all suffered from the defect that the moneys could be applied towards defraying current expenditure and inevitably, they were sooner or later diverted to that purpose.
By the early 1780's, however, strong pressure was being exerted on the Government to ensure that positive steps were taken to reduce and, eventually, eradicate the National Debt. This led to the passing of the 1786 Act and the establishment of what became known as William Pitt's Sinking Fund. Six Commissioners for the Reduction of the National Debt were appointed and authorised to employ such clerks and other officers as were necessary, thereby establishing the original National Debt Office, which is now known as CRND.
Historically, the size of the National Debt was measured in terms of the gross nominal liabilities of the National Loans Fund. However, a better measure is the Public Sector Net Debt, for which figures are published monthly by the Office for National Statistics.
The statutory functions of the CRND have been carried out within the United Kingdom Debt Management Office since July 2002.
http://www.dmo.gov.uk/index.aspx?page=CRND/ND_Commissioners
Commissioners for the Reduction of the National Debt - National Debt Commissioners
The National Debt Commissioners have always been appointed on an ex-officio basis; the original six Commissioners were:
- The Chancellor of the Exchequer
- The Governor and Deputy Governor of the Bank of England
- The Speaker of the House of Commons
- The Master of the Rolls
- The Accountant General of the Court of Chancery
The Life Annuities Act 1808 added the Chief Baron of the Exchequer, but that office was abolished in 1880 and the Lord Chief Justice was substituted by virtue of the Supreme Court of Judicature Act 1881. Similarly in 1872 the Paymaster General succeeded the Accountant General of the Court of Chancery, but was in turn replaced by the Accountant General of the Supreme Court under the terms of the Supreme Court of Judicature (Consolidation) Act 1925. The Bank of England Act 1998 added the second Deputy Governor of the Bank of England and consequently, there are now eight National Debt Commissioners, namely:
- The Chancellor of the Exchequer
- The Governor and both Deputy Governors of the Bank of England
- The Speaker of the House of Commons
- The Master of the Rolls
- The Accountant General of the Supreme Court
- The Lord Chief Justice
The National Debt Commissioners Act 1818 provides that any three or more Commissioners acting together can exercise all of the Commissioners' powers.
Meetings of the Commissioners were at first held regularly, but the last recorded business meeting took place on 12 October 1860. The reason for the sudden cessation is unknown, no hint being obtainable from the minutes, but since then the day to day decisions have been in the hands of the Comptroller General and the Assistant Comptroller, who are civil servants, but are appointed by and act on behalf of the Commissioners. On the comparatively rare occasions when it is necessary for a fundamental policy matter to be put to the Commissioners for a decision it is referred to the Chancellor of the Exchequer, the Governor and the Deputy Governors of the Bank of England, who together constitute a quorum and are sometimes referred to as the "active" Commissioners. In practice the only references made to them are when it is necessary to make formal appointments, for example of Attorneys at the Bank of England and of the Comptroller General and the Assistant Comptroller themselves.
The Commissioners' powers and functions are laid down in the Acts dealing with the individual funds or accounts and there is no statutory provision requiring the production of an annual report or other published information about their activities. However, annual accounts are produced for the various funds and many of these are eventually published in White Paper form and are available from The Stationery Office. The Comptroller General, who is responsible to Parliament for the sums administered by the Commissioners, signs these accounts.
http://www.dmo.gov.uk/reportView.aspx?rptCode=D4A&rptName=37790042&reportpage=CRND/national_debt
| HISTORICAL NATIONAL DEBT DATA |
see file ;
CRIS to CRND,CRND - Investment Accounts,Court Funds Investment Account HISTORICAL NATIONAL DEBT DATA
for bottom half of file
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Functions
CRND
Commissioners for the Reduction of the National Debt - Debt Reduction
Little remains of the Commissioners’ original function, the full remnants of the earlier sinking fund concept having been removed by the National Loans Act 1968. However, a specific sinking fund is still operated under the terms of the prospectus to repay 3½% Conversion Loan.
If any part of the work of CRND can be said to be well known as far as the general public is concerned it would probably be that relating to the Donations and Bequests Account. Even today a few public-spirited people give or bequeath money - or, sometimes, more tangible assets such as property - to CRND to help reduce the National Debt. The proceeds of all such gifts are used to purchase and cancel gilts through the Donations and Bequests account.
In 1808 a scheme for converting permanent into terminable debt was introduced, empowering the Commissioners to sell life annuities. The arrangement lasted, with modifications, for more than 150 years, the constant feature being that the purchase money was used to cancel gilts while the Exchequer paid the annuity instalments. The 1962 Finance Act repealed the power to grant further annuities but CRND retains responsibility for paying the quarterly instalments of the existing annuities.
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Functions2
CRND
Commissioners for the Reduction of the National Debt - Investment of Government Funds
From their earliest days the Commissioners had associations with the stock market and this led to the acquisition of other roles, especially the responsibility for the investment of major Government funds. This now constitutes the main function of CRND, which has around £45 billion under its control, representing the assets of the various investment funds. The investment powers differ to some extent from fund to fund, depending upon the provisions of the relevant Acts of Parliament, but basically investments are restricted to central and local government securities. The largest funds are currently the National Insurance Fund Investment Account, the National Lottery Distribution Fund Investment Account and the Court Funds Investment Account.
The objectives of investment are, generally, to maintain sufficient liquid funds to meet withdrawals by the "client" departments, to maximise income and to protect the capital value of the fund. To meet these objectives it is necessary to have frequent exchanges of information and periodic meetings with the client departments. The relevant statutes generally make investment subject to Treasury direction, but in practice this power has seldom been exercised.
The purchase by CRND of large amounts of gilts in the market would cause difficulties for the DMO in its efforts to implement the Government's debt management policy. In the past, specific amounts of new gilt issues were often reserved for CRND, which avoided the need for large-scale market purchases, but this was not always a practicable solution to the problem. Market conditions might not be favourable to the floating of new issues at the time when CRND needed to invest large sums of money, or the new issues which were being made might not match CRND's requirements in respect of interest rate, maturity date, etc. So, in 1981, the Treasury arranged to create "NILO" stocks specifically to meet CRND's investment needs when there was no other way to do so. The Treasury issues NILO stocks on the same terms as the original gilt issue to which they relate, being distinguished from the "parent" gilt by the addition of the name "(NILO)" in the title. They are identical to the parent gilt in all respects except that they are not quoted on the London Stock Exchange. All transactions in NILO stocks are dealt with on the basis of the current market price of the parent gilts. NILO stock that is no longer required by CRND is purchased and cancelled by the Treasury.
http://www.dmo.gov.uk/index.aspx?page=CRND/Fund_Portfolio
CRND
Commissioners for the Reduction of the National Debt - Investment Accounts
CRND currently manages the following funds:
- Court Funds Investment Account
- Crown Estate
- Insolvency Services Investment Account
- National Endowment for Science, Technology and the Arts
- National Insurance Fund Investment Account
- National Lottery Distribution Fund Investment Account
- Northern Ireland Court Service Investment Account
- Northern Ireland National Insurance Fund Investment Account
- Olympic Lottery Distribution Fund Investment Account
The latest market values of the above funds are available from this website
http://www.dmo.gov.uk/index.aspx?page=CRND/Misc_Accounts
CRND
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
CRND looks after the following miscellaneous accounts:
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Conversion
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
Conversion Loan Redemption Account
The Conversion Loan Redemption Account arises from Section 45 of the Finance Act 1921 and the prospectus for 3 ½ % Conversion Loan 1961 or after, and it is the only surviving example of a specific sinking fund for debt reduction.
The Treasury is required to issue, at the close of every half-year during which the average daily price of the stock has been below £90%, a sum equal to not less than 1% of the loan outstanding at the close of that half-year.
CRND is required to apply the sums so issued during the half-year to the purchase of stock for cancellation.
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Donations
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
Donations and Bequests
Section 8 of the National Debt Act 1823 created this account which, as its title implies, is used to handle donations and bequests from the public for the reduction of the National Debt. Both cash and securities are received, but only Government securities, that are a direct charge on the National Loans Fund, may be accepted directly on the account and cancelled. Other securities are taken first on the Commissioners' Suspense Account, from where they are sold and the proceeds are then transferred to the Donations and Bequests Account. Bequests are handled by the Treasury Solicitor who conducts all negotiations with executors and trustees and passes cash or securities to CRND.
Occasionally CRND, as beneficiary of trusts where life interests are included, becomes involved in matters concerning the management of a trust. For instance, a house was left to the Commissioners subject to the right of the occupant to remain in possession for her lifetime. This gave rise to problems of maintenance of the property, which had to be financed by the Commissioners in anticipation of realising the value on the death of the occupant.
Any gilt may be bought for cancellation, but the present policy is to apply sums for debt reduction to the purchase of the highest yielding dated fixed-rate gilt.
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/GAIF
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
Government Annuities Investment Fund
Early legislation provided for the issue by the Government of Life Assurances and Deferred Annuities. Both of these services had been discontinued by 1929 but the existing policies had to be provided for. The Government Annuities Investment Fund (GAIF) was an amalgamation of two separate funds covering the earlier schemes. The Fund held assets that were used to meet the payments due for the maturing assurances and deferred annuities. When the assets were exhausted in 1936 the Fund continued to operate by drawing cash from the Consolidated Fund as required.
The final payment in respect of deferred annuities was made in 1990 and there are now less than 200 insurance contracts. These are administered by National Savings and Investments NS&I, who pay out the insurance claims and apply annually to CRND for reimbursement of the sums involved. Management costs incurred by NS&I and CRND are also paid out of the Fund each year.
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/LAOW
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
Life and Other Annuities Warrant Account
The Government commenced granting life annuities as early as 1808 and under various schemes after that date accounts were set up for the purpose of receiving stock and cash in consideration of the grant of life annuities.
Government life annuities could be purchased through CRND, Trustee Savings Banks and the Post Office [later the Department for National Savings and now National Savings and Investments (NS&I)] until 1962, when Treasury Ministers decided to close the scheme to new applicants due to declining public demand. The majority of annuities still in existence are payable quarterly although one of half-yearly annuity (payable through NS&I) still remains.
This account was opened in 1885 and survives for the purpose of paying life annuities still in existence.
Sums are drawn quarterly from the NLF against a certificate from CRND to meet payments due after allowing for annuities ceased on death in the previous quarter, fourth parts payable after death and annuities becoming unclaimed or reclaimed.
Payments are made to CRND annuitants by post, or through a bank, after submission by the annuitant of a life certificate.
Payments of the totals of instalments due for each quarter are sent to NS&I who then make payments to their annuitants.
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/USD
Commissioners for the Reduction of the National Debt - Miscellaneous Accounts
Unclaimed Stock, Dividends and Redemption Moneys Accounts
CRND has been involved in the handling of unclaimed stock and dividends since 1816. Formerly any gilt on which dividends had been unclaimed for 10 years was transferred to CRND and held in their Unclaimed Stock Account. This arrangement was discontinued in 1955, since when no further transfers have taken place, but stock previously transferred is retained and dividends on it continue to be paid into the Unclaimed Dividends Account. This account also receives any dividends that have remained unclaimed for 5 years, or such earlier period as might be determined.
At one time, the account held investments, but between 1955 and 1968 any sums in the account in excess of a working balance (to meet reclaims) of £100,000 were applied to debt reduction, and since 1968, have been paid into the National Loans Fund. There is a Consolidated Fund guarantee to cover any deficiency, which could arise if heavy reclaims exhausted the account.
Unclaimed redemption moneys are handled separately. Redemption money remaining unclaimed for up to 2 years is paid into the Unclaimed Redemption Moneys Account and invested. Interest on the investments is transferred to the Unclaimed Dividends Account. In the event of a deficiency arising, the account is guaranteed by the Unclaimed Dividends Account which, in turn, is guaranteed by the Consolidated Fund.
http://www.dmo.gov.uk/index.aspx?page=CRND/Fund_Portfolio
Commissioners for the Reduction of the National Debt - Investment Accounts
CRND currently manages the following funds:
-
Court Funds Investment Account
Commissioners for the Reduction of the National Debt - Investment Accounts
Court Funds Investment Account
Up to 1965 separate accounts were maintained for the Supreme Court and the County Courts. The Supreme Court Account received funds paid into court by suitors and invested them with a view to earning sufficient income to cover the interest paid to suitors. It also maintained holdings of gilts to match securities held for suitors in the books of the Accountant General. The County Court Account also received suitors' funds for investment but covered two forms of account - a deposit account receiving interest at a fixed rate, and an investment account with a variable rate.
These accounts were combined following the passing of the Administration of Justice Act 1965 to form the present Court Funds Investment Account, which backs the basic and special investment accounts available for suitors' funds. Interest is paid on these accounts at rates fixed by the Department for Constitutional Affairs with the consent of the Treasury.
Regular meetings are held between CRND and the Court Funds Office to discuss the Fund's investment policy. The current objectives of the Fund are to maintain sufficient liquidity to meet withdrawals whilst producing sufficient interest and dividends to cover interest paid to suitors and the management expenses of the Court Funds Office and CRND.
Section 39(2) of the Administration of Justice Act 1982 requires surplus interest to be paid into the Consolidated Fund, Section 39(3) of the Act provides for any deficiency of interest to be made good out of the Consolidated Fund and Section 39(5) provides a guarantee by the Consolidated Fund of the capital.
-
Crown Estate
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Crown_Estate
Commissioners for the Reduction of the National Debt - Investment Accounts
Crown Estate
This investment account has existed since 1920 with little change except its title - it was originally known as the Crown Lands Account.
Section 3(4) of the Crown Estate Act 1961 requires that where moneys forming part of the Crown Estate are to be invested, they shall be invested either in property in the name of the Crown Estate Commissioners, or in the name of CRND in any securities authorised as investments for ordinary investments with the National Savings Bank. Permitted instruments include securities created or issued under the authority of an Act of Parliament and securities whose principal and/or interest is guaranteed by Parliament.
At the start of financial year 2004-05, it was agreed that the Crown Estate portfolio would be managed passively and would ‘track’ the Merrill Lynch 0-5 year gilt index. However, it soon became apparent that this was administratively unwieldy and as a result it was decided in early 2005 that instead the Fund would simply hold a small group of gilts maturing within between 2 and 7 years. This investment strategy continued until early October 2006, when the Crown Estate instructed CRND to sell the gilt holdings and to transfer the proceeds to the Crown Estate’s commercial bank account. This instruction was effected on 9 October 2006 and since that date the CRND Crown Estate account has been dormant.
-
Insolvency Services Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Insolvency_Services
Commissioners for the Reduction of the National Debt - Investment Accounts
Insolvency Services Investment Account
This account was opened under the Insolvency Services (Accounting and Investment) Act 1970 as part of a rationalization of the machinery for handling funds arising from bankruptcies and company liquidations. Previously, the Treasury invested surplus funds relating to the two forms of insolvency.
Investment powers permit investment in both Government and local authority securities and the investment policy is to protect the Fund's capital, to provide for client liquidity needs and, consistent with that, to earn sufficient interest to cover interest paid to liquidators.
A consequence of the Enterprise Act 2002 was that, from 1st April 2004, voluntary liquidators were given the choice of whether or not to pay their funds into the Insolvency Services Account (ISA). Under the old regime, when voluntary liquidators were obliged to pay monies into the ISA, it was possible to invest funds in gilts with a term that approximately matched the length of time that monies were held by liquidators or indeed for longer. This could be done in the knowledge that the Fund was stable and with the general expectation that large amounts of money would not be taken from the Fund without warning.
Under the new regime, voluntary liquidators are able to invest and disinvest at will and this fundamentally changed the assumption about the Fund's stability. In those circumstances, continuing to invest in gilts would have given rise to a significant liquidity risk factor.
When market interest rates fell a policy of investing in gilts would be beneficial, as much of the Fund would be earning the 'old' higher interest rates. However, when market rates rose the 'old' rates would be lower than the market interest rates and at the same time the market value of the gilts held would fall.
Under the old arrangements this would not have caused a problem as voluntary liquidators were committed to the Fund and would not withdraw their money to invest elsewhere. From 1st April 2004, they would have been in a position to do so and this could have required sales of gilts at a capital loss reducing the solvency position of the Fund and in extreme circumstances leading to the Fund's insolvency. Liquidators remaining in the Fund would have borne the cost of this.
To reflect this change in circumstances, it was therefore agreed with the Insolvency Service to modify the investment profile of the Fund. Accordingly, the Fund's gilt holdings were disposed of during February 2004 and the proceeds of the sales were placed as short-term deposits with the Debt Management Account Deposit Facility. As a consequence the income earned by the Fund (and the interest rate that the Fund can afford to pay to liquidators) is now more closely related to current short-term interest rate levels.
-
National Endowment for Science, Technology and the Arts
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/NESTA
Commissioners for the Reduction of the National Debt - Investment Accounts
National Endowment for Science, Technology and the Arts
The National Endowment for Science, Technology and the Arts (NESTA) was established by virtue of section 16(1) of the National Lottery Act 1998. Its objective is to support and promote talent, innovation and creativity in the fields of science, technology and the arts.
On 2 July 1998, NESTA was given a core endowment of £200 million from funds generated by the National Lottery (raised to £250 million in February 2003) and was charged with using the income from the endowment to support innovation and creativity in the UK. NESTA is empowered to seek other money from private sector sources such as, donations of cash, royalties and rights, intellectual property rights and partnership funds from other bodies with complementary aims.
As well as a £50 million increase in the core endowment, NESTA also received £45 million in February 2003 for expenditure on its new and extended award programmes and other activities contained within their Strategic Plan 2003-06. This sum was to be drawn down at a rate of up to £15 million per year during financial years 2003-04 to 2005-06 inclusive. In March 2006 the Secretary of State for Culture, Media and Sport authorised the payment of a further £75 million, from monies held in the National Lottery, to be paid to NESTA in 5 instalments of £15 million per annum to fund expenditure from 2006-07 to 2010-11 inclusive.
NESTA’s Endowment is invested by CRND by virtue of section 20 of the National Lottery Act 1998. Currently the Endowment is invested in a range of up to 5-year gilts with the aim of producing a steady stream of dividend income. NESTA’s liquidity needs are met by investment in short-term deposits with the Debt Management Account Deposit Facility.
-
National Insurance Fund Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/NIFIA
Commissioners for the Reduction of the National Debt - Investment Accounts
National Insurance Fund Investment Account
This Fund, which dates in its present form from 1975, is by far the largest of those managed by CRND. The Social Security Acts of 1973 and 1975 established a new scheme of social security contributions and benefits, replacing the National Insurance Acts and assimilating the Industrial Injuries Acts. Under the 1973 Act, two separate funds previously comprising the National Insurance (Reserve) and the Industrial Injuries Funds were wound up and their assets transferred to the National Insurance Fund (NIF) on 1 April 1975.
The NIF is intended to be the 'current account' of the National Insurance scheme, holding sufficient funds to even out fluctuations in the movement of contributions and benefits and to provide a source of finance to meet exceptional demands, for example in times of unemployment or a sickness epidemic. By virtue of section 161(3) of the Social Security Administration Act 1992, HM Revenue and Customs (HMRC) transfers money to the Investment Account on days when it has a net inflow of cash and draws from the Investment Account on days when payments exceed receipts.
Following a review by HMRC, HM Treasury and CRND, a change to the NIF investment strategy was approved in December 2006; this change has resulted in lower administrative charges to the NIF. The change was effected in January 2007 when all the Investment Account’s gilt holdings were sold and the proceeds placed into the Debt Management Account Deposit Facility. In future, the Investment Account is expected to earn a rate of interest close to the Official Bank of England Rate (Base Rate).
-
National Lottery Distribution Fund Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/NLDFIA
Commissioners for the Reduction of the National Debt - Investment Accounts
National Lottery Distribution Fund Investment Account
The Secretary of State for Culture, Media and Sport manages that part of the National Lottery turnover available to good causes (about 28%) on behalf of the designated Distribution Bodies.
Under Section 32 of the National Lottery etc., Act 1993, CRND invests the proceeds of the Distribution Fund on behalf of the Secretary of State.
Currently the investment policy is to provide a reasonable return from risk free, short term, liquid securities.
Regular meetings are held between CRND and the Department for Culture, Media and Sport to review the investment position etc., of the Investment Account.
-
Northern Ireland Court Service Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/NI_Courts
Commissioners for the Reduction of the National Debt - Investment Accounts
Northern Ireland Court Service Investment Account
The Judicature (Northern Ireland) Act 1978 created a unified court service in Northern Ireland (the Northern Ireland Court Service). Whilst the Act contained a provision to enable funds in court to be transferred to the Commissioners for investment, initially, deposit funds were placed in a bank account in Northern Ireland.
In early March 1997, following a wide ranging review of options for investing the deposit funds under the Accountant General's control, it was concluded that CRND represented the most attractive option. A motivating factor behind the decision was the requirement that the court service move towards full cost recovery and it was accepted that, under arrangements then in existence, it would be impossible to recover fully the required level of costs and still pay a competitive rate.
The Northern Ireland Court Service Investment Account backs the deposit and investment accounts available for suitors' funds. Interest is paid on these accounts at rates fixed by the Department for Constitutional Affairs with the consent of the Treasury.
Regular meetings are held between CRND and the Northern Ireland Court Service to discuss the Fund's investment policy. The current objectives of the Fund are to maintain sufficient liquidity to meet withdrawals whilst producing sufficient income to cover interest paid to suitors and the management expenses of the Court Service and CRND.
Section 39(2) of the Administration of Justice Act 1982 requires surplus interest to be paid into the Consolidated Fund, Section 39(3) of the Act provides for any deficiency of interest to be made good out of the Consolidated Fund and Section 39(5) provides a guarantee by the Consolidated Fund of the capital.
-
Northern Ireland National Insurance Fund Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/NINIFIA
Commissioners for the Reduction of the National Debt - Investment Accounts
Northern Ireland National Insurance Fund Account
Until 31 March 1999, the Northern Ireland National Insurance Fund (NINIF) was controlled and managed by the DHSS (NI) whilst the Department for Finance and Personnel was responsible for investing the money in the Fund.
By virtue of amendments made to the Social Security Administration (Northern Ireland) Act 1992 by the Social Security Contributions (Transfer of Functions etc) (Northern Ireland) Order 1999, control and management of the Fund was passed to the Inland Revenue (now HM Revenue and Customs (HMRC)) and CRND became responsible for the Fund's investments. The portfolio of gilts comprising the Fund was transferred to CRND in December 2000.
Following a review by HMRC, HM Treasury and CRND, a change to the NINIF investment strategy was approved in December 2006; this change has resulted in lower administrative charges to the NINIF. The change was effected in January 2007 when all the Investment Account’s gilt holdings were sold and the proceeds placed into the Debt Management Account Deposit Facility. In future, the Investment Account is expected to earn a rate of interest close to the Official Bank of England Rate (Base Rate).
-
Olympic Lottery Distribution Fund Investment Account
http://www.dmo.gov.uk/index.aspx?page=CRND/CRND_Portfolio/Olympic
Commissioners for the Reduction of the National Debt - Investment Accounts
Olympic Lottery Distribution Fund Investment Account
The Olympic Lottery Distribution Fund was set up by Section 23 of the Horserace Betting and Olympic Lottery Act 2004 (‘the Act’). The Fund is maintained under the control and management of the Secretary of State for Culture, Media and Sport.
CRND invests the proceeds of the Fund on behalf of the Secretary of State by virtue of Section 27 of the Act. Currently the investment policy is to provide a reasonable return from risk free, short term, liquid securities.
Regular meetings are held between CRND and the Department for Culture Media and Sport to review the investment position etc., of the Investment Account.
D & B Court Funds Investment UK
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D & B Court Funds Investment US
SEE ATTACHMENT
