Change of ownership is often the main driver for a new treasury set-up. The sale of a public sector business, sale or flotation of a non-core business division and break-up and flotation of individual businesses are situations which call for the establishment of a new treasury function. Experienced treasury professionals will be required in the interim to handle the changeover in what can be a high-pressured, fast-changing period. Involvement in the set up of a new treasury may appeal to some treasurers as it can provide some very good experience over a short period of time. The interim treasurer can expect to be responsible for the smooth running of the treasury during the deal period and for some time after. Key issues a new treasury set-up will face include the ongoing provision of cash management services and overdrafts, provision of currency and interest rate hedging lines, and building new relationships with funding banks. Short-term solutions include ensuring a step-bystep process for banking arrangements and the immediate establishment of a framework for good treasury management.