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- For the U.S. government securities, see Treasury security. Also see treasury management.
A treasury is any place where the currency or items of high monetary value are kept. The term was first used in Classical times to describe the votive buildings erected to house gifts to the gods, such as the Siphnian Treasury in Delphi or many similar buildings erected in Olympia, Greece by competing city-states to impress others during the ancient Olympic Games.
The head of a Treasury is typically known as a Treasurer. This position may not necessarily have the final control over the actions of the Treasury particularly if they are not an elected representative.
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Examples of treasuries
Treasury
In the United Kingdom, Her Majesty's Treasury is overseen by the Chancellor of the Exchequer. The traditional honorary title of First Lord of the Treasury is held by the Prime Minister. Her Majesty's Revenue and Customs administers the taxation system.
In the United States, the Treasurer reports to an executive-appointed Secretary of the Treasury. The IRS is the revenue agency of the US Department of Treasury.
Ministry of Finance
In many other countries, the treasury is called the Ministry of Finance and the head is known as the Finance Minister. Examples include New Zealand, Canada, Malaysia, Singapore, India and Japan.
Both
In Australia a Treasurer and a Finance Minister co-exist. The Treasurer is responsible for drafting the government budget and coordinating government expenditure. The Finance Minister is responsible for government policy guidelines for commonwealth, statutory authorities, and superannuation policies.
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- This page was last modified on 31 October 2008, at 18:11.
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