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Commissioners for the Reduction of the National Debt - Miscellaneous Accounts

Conversion Loan Redemption Account (now closed)

The Conversion Loan Redemption Account arose from Section 45 of the Finance Act 1921 or after, and, up until its call and redemption in 2015, it was the last surviving example of a specific sinking fund for debt reduction.

The Treasury was 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 was required to apply the sums so issued during the half-year to the purchase of stock for cancellation.

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