Downing Street Says » Government Gilts

» Wednesday, March 25, 2009

Government Gilts

Asked if the Prime Minister was still confident the Government could continue to raise money in the bond market, the PMS said that the Treasury had already given their response to the events in the gilt auction today. They had drawn peoples attention to the evidence that the head of the Debt Management Office gave to the Treasury Select Committee last year, when he had said it would be wrong to read anything into the results of one auction event, which depended on the gilt on offer, demand and the market conditions on the day.

Asked if it was fair to say the Prime Minister was untroubled by the events of the morning, the PMS said the point on the gilt auction was that there had been other auctions that had been uncovered in other countries. For example, Germany had had two this year and eight last year. The underlying strength of the market in gilts was demonstrated by the fact that yields remained low. The shortfall in funding today could be made good in future auctions.

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