5.15 The Treasury owns the share capital in the Bank of England, but the asset is effectively inalienable. The investment in the Bank is valued in the Group's accounts at net asset value. The Group also holds investments in the Royal Mint, OGCbuying.solutions and Partnerships UK.
5.16 The Royal Mint and OGCbuying.solutions are trading funds, and the investments are valued at the historic cost of the Public Dividend Capital, in accordance with the Financial Reporting Manual. The net asset values of the Royal Mint and OGCbuying.solutions at 31 March 2007 were £55.5m and £11.2m respectively. Partnerships UK is a private sector body in which the Treasury holds a 45% equity stake, which is valued at net asset value, and loan stock, valued at cost.
5.17 Work on vesting of the Royal Mint as a government-owned company is well advanced, but is currently on hold pending the next stage in the Royal Mint's strategic development. OGCbuying.solutions' business model depends to a large extent on its ability to offer pre-competed framework contracts to public sector bodies, and that facility would not be possible if it were not a public body. Therefore full disposal of OGCbuying.solutions is not considered a viable option. The option of reducing the Treasury's holding in Partnerships UK will be kept under review.