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National Savings and Investments: DEL

Volume 707: debated on Thursday 12 February 2009

Statement

My honourable friend the Economic Secretary to the Treasury (Ian Pearson) has today made the following Written Ministerial Statement.

Subject to parliamentary approval of any necessary supplementary estimate, National Savings and Investments DEL will be increased by £18,900,000 to £183,547,000. Within DEL change, the impact on resources and capital are set out in the following table:

ChangeNew DelTotal

Voted

Non-voted

Voted

Non-Voted

Resource Del:

18,900

-

185,199

-

185,199

Of which:

-

Administration budget:

18,900

-

185,199

-

185,199

Near cash in RDEL:

18,900

-

180,592

-

180,592

Capital

-

-

1,438

-

1,438

Depreciation*

-

-

-3,090

-

-3,090

Total

18,900

-

183,547

-

183,547

* Depreciation which forms part of resource DEL, is excluded from the total DEL since capital DEL includes capital spending and to include depreciation of those assets would lead to double counting.

The change in the resource element of DEL arises from:

a drawdown of £6,900,000 from the Modernisation Fund for the upgrade of NS&I's core IT infrastructure;

the take up of DEL End Year Flexibility (EYF) of £12,000,000 (near cash) to cover payments related to increased sales volumes; and

the change in the administration budget arises from the Modernisation Fund draw down.