The Commissioners for the Reduction of the National Debt (CRND) is a statutory body of the UK Government, whose main function is the investment and management of government funds. The current Comptroller General is Jo Whelan. History The CRND was established in 1786 by the National Debt Reduction Act 1786, and was originally a non-ministerial government department. The 1786 Act provided that the Commissioners were to be the Speaker of the House of Commons, the Chancellor of the Exchequer, the Master of the Rolls, the Accountant-General of the Court of Chancery and the governor and deputy governor of the Bank of England. The Life Annuities Act 1808 provided that the Chief Baron of the Court of Exchequer (or, in his absence, any of the Barons of the Court of Exchequer) was also to be a Commissioner; the Chief Baron was replaced by the Lord Chief Justice by the Supreme Court of Judicature Act 1881. The Paymaster General replaced the Accountant-General of the Court of Chancery by virtue of the Court of Chancery (Funds) Act 1872, and was in turn replaced by the Accountant-General of the Supreme Court. The most recent change in composition has been as a result of the Bank of England Act 1998, which provided for additional deputy governors of the Bank to be Commissioners. Meetings of the Commissioners were at first held regularly, usually at the home of the Chancellor, 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 delegated to 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. However, the Commissioners did reconvene recently, at the Chancellor's invitation, on 15 February 2016, on which