Public debt management: Central Government remains liable for obligations of the Agency and securities issued on its behalf. The Central Government is liable for obligations from financial transactions authorised by it and undertaken by the Public Debt Management Agency or from funds raised on its behalf. The Agency is to be entrusted with issuing Government securities, responsible for payments to holders under the securities, and empowered to purchase, re issue and trade securities while being subject to Board governance and Central Government directions and tax exemption.