The UAE announced plans for a federal debt management office in May.

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Finally there is a relatively prudent way in which the UK's debt has been managed by the semi-autonomous Debt Management Office - whose performance looks more and more important and impressive.

BBC: Why investors love lending to the UK government

It is the unenviable task of the Debt Management Office, the agency that manages the nation's debt, to sound out investors and report back to the chancellor on whether what the FT has christened Osborne Bonds will fly.

BBC: Should Osborne borrow for 100 years?

As I have pointed out here before, if the Debt Management Office hadn't done quite such a brilliant job in borrowing for long maturities - such that the average maturity of UK debt is just under 14 years - the UK might well be like Italy in finding it very hard to borrow at any price right now.

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If you are one of those who rails against the short-termism and excessive risk-taking of some banks and finance businesses, you might note that a public sector financial institution, the Debt Management Office, has taken a reassuringly long-term approach to managing the UK government's debts - and without its prudence, we might all be in Queer Street or Skid Row by now.

BBC: Why investors love lending to the UK government

By the end of 2011, the Office of Management and Budget expects the gross amount of federal debt to exceed the size of America's entire economy for the first time in over 65 years.

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