House of Commons Committee of Public Accounts · less competition in the pricing of the equity for new deals. The Treasury should have The Treasury should have a strategy for managing

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House of Commons

Committee of Public Accounts

Update on PFI debt refinancing and the PFI equity market

Twenty-fifth Report of Session 2006–07

Report, together with formal minutes, oral and written evidence

Ordered by The House of Commons to be printed 30 April 2007

The Committee of Public Accounts

The Committee of Public Accounts is appointed by the House of Commons to examine “the accounts showing the appropriation of the sums granted by Parliament to meet the public expenditure, and of such other accounts laid before Parliament as the committee may think fit” (Standing Order No 148).

Current membership

Mr Richard Bacon MP (Conservative, South Norfolk) Annette Brooke MP (Liberal Democrat, Mid Dorset and Poole North) Greg Clark MP (Conservative, Tunbridge Wells) Rt Hon David Curry MP (Conservative, Skipton and Ripon) Mr Ian Davidson MP (Labour, Glasgow South West) Mr Philip Dunne MP (Conservative, Ludlow) Helen Goodman MP (Labour, Bishop Auckland) Mr John Healey MP (Labour, Wentworth) Mr Sadiq Khan MP (Labour, Tooting) Mr Edward Leigh MP (Conservative, Gainsborough) (Chairman) Mr Austin Mitchell MP (Labour, Great Grimsby) Dr John Pugh MP (Liberal Democrat, Southport) Rt Hon Don Touhig MP (Labour, Islwyn) Rt Hon Alan Williams MP (Labour, Swansea West) Mr Iain Wright MP (Labour, Hartlepool) Derek Wyatt MP (Labour, Sittingbourne and Sheppey) The following were also Members of the Committee during the period of the inquiry: Sarah McCarthy-Fry MP (Labour, Portsmouth North) Kitty Ussher MP (Labour, Burnley)

Powers

Powers of the Committee of Public Accounts are set out in House of Commons Standing Orders, principally in SO No 148. These are available on the Internet via www.parliament.uk.

Publications

The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. All publications of the Committee (including press notices) are on the Internet at http://www.parliament.uk/pac. A list of Reports of the Committee in the present Session is at the back of this volume.

Committee staff

The current staff of the Committee is Mark Etherton (Clerk), Philip Jones (Committee Assistant), Emma Sawyer (Committee Assistant), Anna Browning (Secretary), and Alex Paterson (Media Officer).

Contacts

All correspondence should be addressed to the Clerk, Committee of Public Accounts, House of Commons, 7 Millbank, London SW1P 3JA. The telephone number for general enquiries is 020 7219 5708; the Committee’s email address is [email protected].

1

Contents

Report Page

Summary 3

Conclusions and recommendations 5

1 PFI debt refinancing experience 7

2 The operation of the PFI equity market 11

3 The availability of financial information about PFI projects 13 The ability of public bodies to provide financial information 13 The availability of central information 13

Formal Minutes 15

Witnesses 16

List of written evidence 16

List of Reports from the Committee of Public Accounts Session 2006–07 17

3

Summary

Privately financed government projects are generally financed through a mixture of debt finance (in the form of either bank or bond finance) and equity finance (where investors have shares in the project company which has been awarded the government contract). It is a normal feature of long term projects that there may be refinancing in the form of changes to the debt or equity finance during the life of the project. This is because there is normally greater risk at the construction phase which, once completed, enables better financing terms to be obtained. Also, the maturing PFI market has meant that early PFI projects can now access better financing terms than those available when the contracts were let.

In 2002 the government introduced arrangements for the private sector to share PFI debt refinancing gains with the public sector. In 2003, the Office of Government Commerce, which then had responsibility for PFI policy, told the Committee that it expected the public sector to receive £175–£200 million from the voluntary sharing arrangements on early PFI deals, but up to December 2006 the government had secured the right to gains of only £93 million. Some of these early refinancings which had taken place had generated very high rates of return to the private sector investors and additional risks to the public sector in the form of higher termination liabilities and extended contract periods.

In the PFI equity market there is a developing secondary market which enables investors to acquire shares in PFI projects which are already in progress and some investors are building up portfolios of PFI investments. There is no requirement for the gains on selling shares in PFI projects to be shared with the government.

On the basis of a report by the Comptroller and Auditor General,1 the Committee took evidence from the Treasury on PFI debt refinancing experience, the operation of the PFI equity market and the availability of financial information about PFI projects.

1 C&AG’s Report, Update on PFI debt refinancing and the PFI equity market, HC (2005–06) 1040

5

Conclusions and recommendations

1. Most of the negotiating of refinancing deals is undertaken by the public sector at a local level where officials often lack commercial awareness. Some of the locally negotiated refinancings have produced very high investor returns and increased risks for the public sector such as higher termination liabilities and longer contract periods. All staff undertaking refinancing negotiations should undergo suitable training to equip them for this role.

2. The Treasury’s refinancing taskforce is a small team whose role is mainly advisory. To ensure its experience is brought to bear on refinancing negotiations the Treasury should approve the final terms of any refinancing involving sub

3. stantial gains to investors.

4. To date, proceeds for government from refinancing under the voluntary code amount to only £93 million. This amount is well below the indication provided by the Office of Government Commerce at the PAC hearing in 2003 that proceeds would be in the order of £175–200 million. The shortfall may be a reflection of some investors opting to defer refinancing in favour of realising gains through selling their shares in the secondary equity markets.

5. Proceeds from refinancing would also be affected if gain-sharing was a disincentive to smaller refinancings. There may therefore be a case for a more flexible sharing arrangement. Should there be any revision of the voluntary code a sliding scale of gain-sharing could be introduced which would help stimulate investors to undertake smaller value refinancings.

6. The Department of Health currently advises NHS Trusts to take refinancing gains over time. Taking the gains upfront would minimise any future risk to the public sector and is therefore preferable. The Treasury should ask the Department of Health to require NHS Trusts to take refinancing gains as an immediate lump sum unless there are convincing value for money grounds for an alternative basis.

7. The Treasury view that the public interest is not affected by sales of PFI equity is only credible if there is an efficient equity market in which investor returns can be left to find their own level as the equity is being provided on the best possible terms. The Treasury needs to demonstrate that the efficiency of the market is not prejudiced by factors such as lack of liquidity, market dominance, political risk or lack of transparency.

8. There has been growth in new investors in the PFI market mainly through the establishment of secondary market funds. It is reasonable to expect this expansion in the volume of equity available for PFI projects to produce a lower cost of equity for new deals. The Treasury should be tracking the market to assess whether pricing is improving.

6

9. The PFI equity market has shown signs of consolidation in recent years. If shares become too narrowly held these investors may be able to dominate the market with less competition in the pricing of the equity for new deals. The Treasury should have a strategy for managing these risks if they arise.

10. Transparency of information is one of the essentials to market efficiency. The Treasury should complete its database of PFI information, and use it to increase the range and quality of summarised data about PFI deals. For example, the Treasury should publish annual updates on the number and value of PFI investments held by the main PFI investors.

11. Public bodies surveyed by the National Audit Office were unable to promptly provide financial information about their PFI projects. They need to be more aware of their contractual rights to obtain financial information about their projects. Such data should include the current returns being achieved by investors, and project companies should be asked to provide annual updates of their financial models setting out the investors’ returns.

7

1 PFI debt refinancing experience 1. In 2002, following pressure from this Committee, the government introduced arrangements for the private sector to share debt refinancing gains with the public sector. On early PFI deals there is now a code which expects the private sector to voluntarily share 30% of refinancing gains with the public sector. PFI deals signed after July 2002 incorporate a 50:50 sharing arrangement.2

2. Prior to 2002 the Treasury had outlined in guidance the advantages and disadvantages of departments seeking shares of debt refinancing gains. It had left it to departments to consider in terms of value for money whether to include gain sharing arrangements. Most early PFI contracts did not include such arrangements. Whilst introducing them earlier would have given individual projects greater certainty over the sharing of refinancing gains, the Treasury was influenced by market considerations such as the possible risk that sharing arrangements might affect the private sector’s interest in bidding for the early PFI contracts.3

3. Although the Treasury provides guidance and is responsible for monitoring the refinancing of PFI deals it leaves the commercial negotiations on the detailed terms of the gain sharing to local project teams. Some of the locally negotiated debt refinancings, whilst providing the public sector with the 30% share in accordance with the refinancing code, have allowed the equity investors to achieve very large increases in their returns from the project (Figure 1).4

Figure 1 : Projects with high investor returns following refinancing

Investor rate of return prior to refinancing

Investor rate of return after refinancing

Multiple increase in investor returns on refinancing

Debden Park School 15.5% 71.3% 4.60

Norfolk & Norwich Hospital

16.0% 60.0% 3.75

Bromley Hospital 27.1% 70.5% 2.60

Darent Valley Hospital 23.0% 56.0% 2.44

Note : These four projects had the highest rate of increase in their investors internal rate of return (IRR) on refinancing from the projects surveyed in the C&AG’s report.

Source : C&AG’s report Appendix 9.

4. The Treasury acknowledges these examples of very high investor returns following refinancing but argues that they are balanced by the fact that investors have lost money on some projects. The Treasury also argues that the focus should be on whether value for

2 C&AG’s Report, para 1.1

3 Qq 27, 115, 135, 137–146; Ev 16

4 C&AG’s Report, Figure 12, page 21; Appendix 9; Qq 31–45

8

money is being achieved for the public sector from these deals, pointing to their having generally delivered the right projects for the public sector with a much better record than previous conventional procurement. The examples of high investor returns within a few years of contracts being awarded, combined with added risks for the public sector would, however, suggest that value for money is not being optimised.5

5. Returns to early participants in the PFI debt market reflected the uncertain risk they were taking on. The very high investor returns on these early debt refinancings have, however, been further enhanced in situations where the public sector accepted, as part of the refinancings, increased risks in the form of higher termination liabilities or extended contract periods. The acceptance of additional risks reflected a lack of commercial awareness by public sector officials at the local level. Although the projects may have been delivered, the full effect of the refinancing will only be capable of being assessed at a later stage in contract periods which will run for 30 or more years.6

6. The Treasury has a Refinancing Taskforce to advise project teams on refinancing issues which is, however, a limited resource comprising two people. There is no requirement for local officials to seek Treasury approval for the terms of a refinancing deal. The Treasury policy of leaving it to departments to achieve value for money from refinancing failed to prevent situations where investors increased their refinancing gains by passing added risks to the public sector.7

7. The Office of Government Commerce told us in 2003 that it expected the public sector would receive refinancing gains of £175–200 million from the voluntary sharing arrangements on early deals. When we took evidence from the Treasury in December 2006 the government had only secured the right to receive £93 million (Figure 2, overleaf), of which £60 million had arisen from three hospital refinancings where there had been high investor returns and significant increased risks for the public sector.8

5 Qq 1–3, 97–100

6 C&AG’s Report, paras 2.6–2.12; Qq 83, 108

7 Qq 30–40, 42, 55, 64

8 Committee of Public Accounts, Twenty-second Report of Session 2002–03, PFI refinancing update, HC 203; Qq 24–28, 126–129

9

Figure 2 : The government’s share of refinancings from the voluntary code for early PFI deals

Project Net present value of total refinancing gains £m

% shared with public sector

Public sector share £m

Early PFI hospital refinancings involving high investor returns and significant increased risks for the public sector :

Norfolk & Norwich hospital 115.5 29% 33.9

Bromley hospital 45.3 31% 14.2

Darent Valley hospital 33.4 194.2

35% 31%

11.7 59.8

Other refinancings of early deals:

Swindon Hospital 42.2 44% (Note 1) 18.3

Other projects 61.9 23% (Note 2) 14.4

Totals 298.3 31% 92.5 (Note 3)

Notes:

1) In addition to the 30% voluntary code sharing on the original project debt the authority secured a further 14% of the total refinancing gain relating to gains on additional debt being used to carry out further work.

2) The average gain secured of 23% on these projects was less than the usual voluntary share of 30% as three projects did not share gains (C&AG’s Report, paras 1.29–1.33) and in some further projects the code permitted the private sector to share less than 30% as, prior to the refinancing, the investors had been earning less than their target return.

3) The £92.5 million includes refinancings, where the government received the right to £21.0 million, which were completed after the publication of the C&AG’s report in April 2006 when the total gains for the public sector had been £71.5 million.

8. The Treasury attributed the shortfall in gains secured for the public sector to the OGC 2003 prediction being an uncertain estimate that had turned out not to be correct in respect of refinancing experience to date. The Treasury did not believe that the increasing trend for investors to sell shares in PFI projects had caused a reduction in refinancing activity. But with just four hospital refinancings accounting for most of what the public sector has received (Figure 2), other refinancings may have been deferred as investors can receive part of the value relating to a project’s refinancing potential when they sell their shares. The amount that the public sector has received has also been limited because the voluntary code gives it a fixed 30% share even where the investors have earned very high returns with increased risks for the public sector.9

9 C&AG’s Report, para 1.4; Qq 20–28, 77–82, 117, 123–129, 136

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9. The Treasury has allowed local projects the freedom to decide whether they will take their share of refinancing gains as a lump sum, over the life of the contract period or in the form of services provided by the project company. The Department of Health has required NHS Trusts to take their share of refinancing benefits over time so that the benefit is received evenly over the life of the contract. The private sector, however, will wish to take the gains from refinancing immediately to reduce their risks from investing in the project. The Department of Health acknowledged during our previous examination of the Norfolk and Norwich PFI Hospital refinancing that if a private sector consortium fails financially, a Trust would not be certain of receiving its share of the refinancing gains, whereas there would have been certainty if it had taken the gains as cash at the time of the refinancing.

11

2 The operation of the PFI equity market 10. The provision of equity finance enables projects to be financed where there are risks which the providers of debt finance are unwilling to bear. As a result, the providers of equity finance should bear the risk of losing some or all of their investment if the project does not go well and should expect to earn more than the returns to the providers of debt finance if the project is successful.

11. As the PFI market has matured it has become quite common for the initial investors in PFI projects to sell their investments, either to one of the initial investors or to new investors in the emerging PFI secondary equity market (Figure 3). The Treasury has always anticipated that some PFI investors would only invest for the short term and that they would make profits if the projects were performing. For example, the contractor Carillion had sold some of its PFI investments which had cost £24 million for proceeds of £46 million. The Treasury acknowledges that the early PFI deals gave investors the potential to make these types of gains but the deals had been priced on terms available at the time reflecting the risks of a new market.10

Figure 3: Incidence of PFI share sales

Number of projects

%

Within one year of contract letting 1

One to two years after contract letting 2

Two to three years after contract letting 4

More than three years after contract letting 25

32 40

Share sales have not occurred 48

Total The National Audit Office asked all 123 PFI projects which it had surveyed for the purposes of the C&AG’s Report whether there had been a share sale. 80 projects responded to this question.

80 100

Source: C&AG’s Report, Figure 15, page 29

12. Unlike debt refinancing where the Treasury requires investor gains to be shared with the public sector the Treasury does not require investors' gains on selling equity in PFI projects to be shared with the projects. They take the view that, whereas a debt refinancing affects the public sector’s rights and interests as a purchaser, a change in the equity ownership of the project is a transaction outside the project which does not affect the public sector’s interests if the PFI equity market is operating efficiently. As equity investors take the risk of incurring losses on their investments, they might also seek higher equity

10 C&AG’s Report, paras 3.1-3.3; Qq 102–104, 109–122

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prices in new PFI contracts to compensate if they were required to share equity gains. An alternative would be for the government to take an equity stake in PFI projects to enable it to share in the equity profits, but this would also expose it to the financial risks of the project failing.

13. The achievement of value for money in a long-term market depends, to a large extent, on competition and improved terms as the market matures. The large investor returns which arose on some early PFI deals showed that there was the potential for improving the pricing of deals. Better prices are available on current deals, although the introduction of new sources of capital through the PFI secondary market funds creates the possibility of further reducing the cost of equity finance through increased competition between investors for new PFI contracts.11

14. There is, however, a potential risk that, if the current trend for some large contractors and secondary market funds to build up portfolios of PFI investments continues, then some investors may come to dominate the market. Other parties might then be discouraged from entering into bidding competitions for new contracts and, without publicly funded projects to act as a benchmark, it would become difficult to demonstrate that value for money was being achieved. The Treasury acknowledges that reduced competition would be a concern, but believes that the market remains competitive between around ten large contractors and secondary market funds.12

15. Where an equity investor is involved with a portfolio of PFI projects there may be the opportunity for further benefits from greater operating efficiencies. There is the potential for such efficiencies to benefit the pricing of both current and future deals. Investors, however, will not all have the same approach to managing PFI projects. Some investors may place greater emphasis on earning short term gains which might not be consistent with sharing benefits with the public sector. The public sector cannot determine who the investors should be, so it is important that the public sector understands how the aims of their PFI investors may impact on the projects.13

11 Qq 66, 114

12 C&AG’s Report, para 3.9; Qq 47–54

13 C&AG’s Report, para 3.9; Qq 106–107, 165–168

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3 The availability of financial information about PFI projects 16. Public sector project teams need information relating to the financing arrangements and the costs of their PFI projects in order to understand the economics of the project and to equip them to handle effectively negotiations on refinancing and other issues. At present there are significant limitations in:

• the ability of public bodies with PFI projects to provide basic financial information about their projects; and

• the availability of central information summarising aspects of PFI financing across all PFI contracts.

The ability of public bodies to provide financial information

17. All authorities normally receive information about the financing arrangements of their PFI project companies, including the investors’ expected returns from the project, when the companies bid for the contract and when they seek the authorities’ approval for a refinancing. In addition, the Treasury’s standard PFI contract now allows public bodies to ask for information which the project company has made available to its lenders, as well as information which will assist the monitoring of service performance. Neither the public bodies concerned, nor the Treasury ask for information about what the investors are earning. Yet information on how much PFI investors are earning is relevant to monitoring the cost-effectiveness of the projects.14

18. Despite the fact that the private sector normally discloses information about investor returns to enable the sharing of refinancing gains to be computed, public bodies in 16 out of 36 projects failed to respond with appropriate information when, on our behalf, the National Audit Office asked them to show the extent to which the returns to investors had changed following the refinancing of their projects. We have asked for the outstanding information to be collected by the National Audit Office.15

The availability of central information

19. The Treasury agrees that it should produce an annual summary of the trends in PFI financing costs and that, to provide transparency and a better understanding of the dynamics of PFI equity investment, further information is required on the full range of costs and benefits which investors experience from participating in the PFI market. A complete picture of investor benefits from investing in PFI deals would depend, however, on greater disclosure by investors of the proceeds from the sale of PFI investments, which

14 C&AG’s Report, para 3.13; Qq 59–66

15 C&AG’s Report, para 3.14, Appendix 9; Ev 48; Qq 4–19, 43

14

currently is not disclosed to authorities because it is a contract between two private sector parties.16

20. A listing of all PFI contracts is available on the Treasury’s website, and other project information is held in a database which Partnerships UK, on behalf of the Treasury, launched in 2005. The database includes available information on the financing of the projects and the extent of refinancing activity, although at the time of the Comptroller and Auditor General’s report in April 2006 considerable further work was needed to make aspects of this information accurate and comprehensive. The Treasury is seeking to improve the information on the database. It has now brought the database up to date for deals which have closed in the last three or four years, but it needs completing for earlier deals. Financial information on the database can help departments assess the value for money of new proposals. For example the Treasury told us that the cost of debt finance in recent PFI hospital deals has been 0.7% above government gilt rates.17

21. The Treasury also collects data on the PFI contract price which the public sector is committed to paying in future years. The government’s aggregate forward commitments under PFI deals are then disclosed in the Treasury’s pre-Budget report. The Treasury’s current information, based on returns from departments of PFI contracts that have been let, shows that the aggregate of these PFI commitments for the years 2006 to 2032 inclusive is £155 billion. The Treasury will be providing information on the proportion of these commitments which is accounted for on the government’s balance sheet as part of its next biannual update of PFI data which it expects to be available around March 2007.18

16 C&AG’s Report, paras 5, 6, page 9 and para 3.16; Q 66

17 C&AG’s Report, para 3.15; Qq 56–58;

18 Qq 67–69; 147–159; Ev 16

15

Formal Minutes

Monday 30 April 2007

Mr Edward Leigh, in the Chair

Mr David Curry Mr Sadiq Khan Dr John Pugh

Mr Alan Williams Mr Iain Wright Derek Wyatt

Draft Report

Draft Report (Update on PFI debt refinancing and the PFI equity market), proposed by the Chairman, brought up and read.

Ordered, That the draft Report be read a second time, paragraph by paragraph.

Paragraphs 1 to 21 read and agreed to.

Conclusions and recommendations read and agreed to.

Summary read and agreed to.

Resolved, That the Report be the Twenty-fifth Report of the Committee to the House.

Ordered, That the Chairman make the Report to the House.

Ordered, That embargoed copies of the Report be made available, in accordance with the provisions of Standing Order No. 134.

[Adjourned until Wednesday 9 May at 3.30 pm.

16

Witnesses

Monday 22 December 2006

Mr John Kingman, Managing Director, Public Services & Growth Directorate, and Mr Richard Abadie, Head, PFI Policy Team, Her Majesty’s Treasury. Ev 1

List of written evidence

1 HM Treasury Ev 16

2 National Audit Office Ev 19

17

List of Reports from the Committee of Public Accounts Session 2006–07 First Report Tsunami: Provision of support for humanitarian

assistance HC 25 (Cm 7018)

Second Report Improving literacy and numeracy in schools (Northern Ireland)

HC 108 (Cm 7035)

Third Report Collections Management in the National Museums and Galleries of Northern Ireland

HC 109 (Cm 7035)

Fourth Report Gas distribution networks: Ofgem’s role in their sale, restructuring and future regulation

HC 110 (Cm 7019)

Fifth Report Postcomm and the quality of mail services HC 111 (Cm 7018) Sixth Report Gaining and retaining a job: the Department for Work

and Pensions support for disabled people HC 112 (Cm 7019)

Seventh Report Department for Work and Pensions: Using leaflets to communicate with the public about services and entitlements

HC 133 (Cm 7020)

Eighth Report Tackling Child Obesity—First Steps HC 157 (Cm 7020)Ninth Report The Paddington Health Campus Scheme HC 244 (Cm 7076)Tenth Report Fines Collection HC 245 (Cm 7020)Eleventh Report Supporting Small Business HC 262 (Cm 7076)Twelfth Report Excess Votes 2005–06 HC 346 Thirteenth Report Smarter Food Procurement in the Public Sector HC 357 Fourteenth Report Ministry of Defence: Delivering digital tactical

communications through the Bowman CIP Programme HC 358

Fifteenth Report The termination of the PFI contract for the National Physical Laboratory

HC 359

Sixteenth Report The Provision of Out-of-Hours Care in England HC 360 Seventeenth Report Financial Management of the NHS HC 361 Eighteenth Report DFID: Working with Non-Governmental and other Civil

Society Organisations to promote development HC 64

Nineteenth Report A Foot on the Ladder: Low Cost Home Ownership Assistance

HC 134

Twentieth Report Department of Health: The National Programme for IT in the NHS

HC 390

Twenty-first Report Progress in Combat Identification HC 486 Twenty-second Report Tax credits HC 487 Twenty-third Report The office accommodation of the Department for

Culture, Media and Sport and its sponsored bodies HC 488

Twenty-fourth Report Owfat: Meeting the demand for water HC 286 Twenty-fifth Report Update on PFI debt refinancing and the PFI equity

market HC 158

The reference number of the Treasury Minute to each Report is printed in brackets after the HC printing number

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Committee of Public Accounts: Evidence Ev 1

Oral evidence

Taken before the Committee of Public Accounts

on Monday 11 December 2006

Members present:

Mr Alan Williams, in the Chair

Mr Richard Bacon Mr Sadiq KhanMr Philip Dunne Mr Austin MitchellHelen Goodman Mr Don Touhig

Sir John Bourn KCB, Comptroller and Auditor General, gave evidence.Ms Paula Diggle, Treasury OYcer of Accounts, HM Treasury, was in attendance.

REPORT BY THE COMPTROLLER AND AUDITOR GENERAL

UPDATE ON PFI DEBT REFINANCING AND THE PFI EQUITY MARKET (HC 1040)

Witnesses: Mr John Kingman, Managing Director, Public Services & Growth Directorate and Mr RichardAbadie, Head, PFI Policy Team, Her Majesty’s Treasury, gave evidence.

Q1 Chairman: Today, we are considering theComptroller and Auditor General’s Report, Updateon PFI debt refinancing and the PFI equity market.We have two guests here today: Mr John Kingmanand Mr Richard Abadie. Welcome back, gentlemen.May we start with you, Mr Kingman, and look atfigure 12 on page 21? The middle panel shows somestartling figures. Starting at the bottom of the middlethree with Norfolk and Norwich: total refinancinggain £116 million, pre-refinancing internal rate 16%.After refinancing it had increased fourfold to 60%.Bromley hospital: total refinancing gain £45 million,pre-refinancing 27%, post-refinancing 71%, athreefold increase. For Debden, the sums aresmaller, but the percentages are every bit asdramatic. Debden school: £1 million totalrefinancing gain, 16% internal pre-refinancing rateand 71%, four and a half times that, post-refinancing. How on earth could the Treasury allowsuch obscene profit figures to arise?Mr Kingman: Mr Chairman, thank you. There hasobviously been a great deal of discussion over theyears on this very subject. We think that, with theassistance of the work that the NAO has done andthe hearings that the PAC has held over the years, wehave got to a place where we are able to secure a fairand sensible share of the gains from refinancing forthe taxpayer. The background, which is important,is that our concern at the Treasury is value formoney; it is getting capital projects built better andcheaper and delivered to time and budget, and thereis clear evidence that the PFI programme has donethat. It is true that there have been projects where ithas been possible for contractors to make significantsums; equally, it is true that there have been projectswhere contractors have lost significant sums. Ourconcern is with getting the projects delivered on timeand to budget.

Q2 Chairman: But it is surely diYcult to reconcilefourfold increases in the percentage rate of returnwith any concept of value for money.

Mr Kingman: Our view would be that the key tests ofvalue for money are whether we are getting the rightprojects and whether we are getting them on theright terms, and there is clear evidence that PFI isdoing that much better than conventional forms ofprocurement have done. Yes, as I say, people havemade significant sums on particular projects. Wethink that it is right we have been able to secure a fairshare of the gains for the taxpayer, and I pay tributeto the work that the NAO and the PAC have doneover the years, which has helped us in that.

Q3 Chairman: Those tail figures—71%, 71% and60%—do not cause you any embarrassment or anyfeeling that they are diYcult to reconcile with valuefor money?Mr Kingman: I do not think that they cause as muchembarrassment as they would if the projects werevery expensive or very delayed. Looking back overthe work that the NAO has done, the fact is that,under conventional forms of procurement,something like three quarters of projects weredelivered over budget and three quarters weredelayed. The record of PFI has been dramaticallybetter.

Q4 Chairman: Bearing in mind that the figures Igave are from those who deigned to provideinformation, what do you think about the 16 of the36 projects that the NAO approached—virtuallyhalf the projects—which provided no information atall or hardly any? Are you not worried that theymight be even more grotesquely inexplicable?Mr Abadie: Since 1999, all projects through ourstandard contract have an obligation, if asked by theNAO to reply, to provide the information requested.The fact that they have not replied—I am not awarewhy they have not replied—

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Ev 2 Committee of Public Accounts: Evidence

HM Treasury

Q5 Chairman: Are you not concerned that they didnot reply? Are you not concerned that you do notknow why they did not reply? I should have thoughtthat it was your job to find out.Mr Kingman: We certainly believe that we needbetter information than we currently have on someof these situations; I entirely agree with that point,and the recommendations in the Report are veryhelpful.

Q6 Chairman: So you have written to each of the 16and told them that you want a reply from them?Mr Abadie: No, we have not.

Q7 Chairman: Why not?Mr Abadie: The survey was done by the NAO. Wehave a broader process of—

Q8 Chairman: But you knew that you were going tobe asked questions here and you must have guessedthat virtually every Member of the Committee, giventhe opportunity, would want to ask the samequestion—I just happened to be first. The fact thatvirtually half the projects did not reply suggests thatthey just may have had something to hide. If I hadbeen in your position, I would have wanted to comehere equipped to answer. Do you not feel that youshould have done more to find out?Mr Abadie: We have a wider process of trying toaccess and receive information from all the projects,not just those 16. It is that process that we arefocussed on.

Q9 Chairman: Do you even know which the 16were?Mr Abadie: Again, I do not know at the moment.

Q10 Chairman: You do not know whether youknow?Mr Abadie: I do not know which the 16 projects are.

Q11 Chairman: You are not even that curious? Youare not curious to find out who did not reply?Mr Abadie: Again, we are looking for informationfrom all the projects. It may be on a detailed list.

Q12 Chairman: Why did you not ask the NAO whodid not reply?Mr Abadie: The NAO followed up with thoseprojects subsequently, after the initial survey. Wetold the NAO in—

Q13 Chairman: I am terrible at remembering titles,but are you not supposed to be the head of a PFIpolicy team?Mr Abadie: I am.

Q14 Chairman: And yet you have not even shownmarginal curiosity at the fact that half the peoplequestioned did not deign to provide the informationor a reason for not providing the information. Andyou did not even ask the Comptroller and AuditorGeneral who they might be. Is that a fact?

Mr Abadie: I would like to clarify that. Wesupported the NAO in trying to gather the data inthe first place. As part of its inquiry into all theprojects that had undertaken refinancing, we agreedthat Treasury could be mentioned in the letter. So itis not a case that we were not involved in the datagathering at all; we were part of the process ofgathering that data in the first instance.

Q15 Chairman: Sir John, you made repeatedattempts to get that information?Sir John Bourn: Yes.

Q16 Chairman: And they just ignored you, despitethe fact that they had been told that they might becalled before this Committee? We might considerthat.Sir John Bourn: Yes.

Q17 Chairman: Can you let us have a list of thenames?Sir John Bourn: Certainly.

Q18 Chairman: Can you let us have a list of theprojects and the value of them? Can you tell each ofthem that we are considering the possibility ofcalling them before us unless we get the informationthat we have asked for, or a good explanation of whyit is not available? Will you do that?1

Sir John Bourn: Yes.

Q19 Chairman: Mr Abadie, in your oversight role inrelation to PFI across the spectrum, will you alsomake sure that same message goes forward?Mr Abadie: Yes. 2

Q20 The Chairman: Well, that is helpful, thankyou—belated but helpful. Now, what about this newtechnique of selling shares? Instead of refinancing,shares in the project are being sold. How far is thata device to deprive the public of the share that theymight get under the existing refinancingarrangements? Does it have that eVect even if it wasnot intended to?Mr Kingman: Maybe I could try to answer that. I donot think that it is correct to see equity transactionsas an alternative to PFI refinancing. The evidencethat we have and the evidence in the Report is thatprojects where there have been changes in equityholdings have been more likely to be refinanced thanothers. We believe that refinancings and equity salesare diVerent kinds of transactions. Perhaps I can tryto explain why. A refinancing takes place within aproject. It changes the contractual basis and theterms of trade between the public sector purchaserand the provider in the private sector. We think thatit is absolutely right that major value for moneyissues can arise there, and that is why it is right to goafter a share of the gains.

1 Ev2 Note by witness: The request, for projects identified as

providing incomplete or no initial responses, to providecomplete data has gone out from the NAO. The NAO’sletter rightly emphasised that their request had full Treasuryendorsement.

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Q21 Chairman: This change is made not with theconsent of the public sector, but between one privatesector seller and a private sector buyer. So thechange has not been agreed and it is not consensualbetween the customer and the provider; it has beenchanged by the provider—we assume, because it isadvantageous to the provider. By definition, onewould have thought that that means it isdisadvantageous to the buyer in a range in thepublic sector.Mr Kingman: It is absolutely correct that a change inthe equity holdings in the project is outside a project,and that is precisely why we see it as diVerent froma refinancing. It does not change the public sector’srights; it does not change the relationship between usand the provider; it is a change in the ownership ofthe provider.

Q22 Chairman: Hold on. You say it does notchange our rights, but it changes what we have ourrights to, does it not? If they are selling shares insteadof refinancing, they are extracting gain without thepublic sector sharing in that gain. It is a device.Mr Kingman: I do not believe that it is a device; Ithink it is a diVerent kind of transaction from arefinancing.

Q23 Chairman: Yes, it is conniving at getting moremoney for the private sector.Mr Kingman: I do not think that that is correct, andI point to the evidence in the Report. The projectswhere there have been changes in equity holdingshave been more likely to be refinanced, with gainsaccruing to the public sector, than those that havenot.

Q24 Chairman: When the OYce of GovernmentCommerce gave us evidence, it indicated that it wasanticipating that the voluntary share under theprocess would amount to £175 million to £200million. To date, at the time of the Report, it hadamounted to only £93 million. Why the massiveshortfall, just 50% of what was expected? Can youassure me that it is totally unrelated to what we havebeen talking about, namely the switch to sellingshares?Mr Kingman: I believe that it is unrelated. WhenPeter Gershon gave you that estimate, he gave it ingood faith, but I think that it was always clear thatthere was a great deal of uncertainty about whatwould be likely. We have never seen the estimate thatPeter gave as a target and it would be quite wrong forus to target any particular level of gain, becauseour issue—

Q25 Chairman: But it was the best estimate on theinformation at the time?Mr Kingman: Correct.

Q26 Chairman: So what changed for the estimate tobe literally 100% out? They only got half of whatthey thought they would get.Mr Kingman: I am not sure that I can point toanything specific that has changed. It was simply abest estimate that has turned out not to be correct.

The private sector is already very highly incentivisedto go after refinancings. We do not want to be in aposition where the public sector is pushingrefinancing levels to meet some number, because itseems to us that the most important test is valuefor money.

Q27 Chairman: Well, you should be pushing.Remember how we got here. When I first startedtabling questions, we had had one report onrefinancing. I tabled questions to every Department,and as a result, I discovered that hardly any of themwere even trying to get refinancing. Thatinformation was handed to the Comptroller andAuditor General, who then showed that only 15%of Departments were getting refinancing. Theconsequence was a deal of 30%, which eventuallyrose to 50% as a result of pressure from thisCommittee. We must push. If we do not, it seemsthat you will not.Mr. Kingman: We think that you were right to pushon that. We have pushed also. We push public sectorproviders to get that share of the gains, and theReport’s evidence is that it has been successful.What we do not push is refinancing for refinancing’ssake. The Report warns rightly that—

Q28 Chairman: Why not?Mr Kingman: Because refinancing can be very badvalue for money, particularly if it involves anincrease in termination liabilities. As the Reportsays, you can imagine that a situation in whichpublic sector providers themselves pushed forrefinancing for aVordability reasons might result inbad deals for the public sector. Seen from where wesit, the fact that there is a little more caution aboutrefinancing for refinancing’s sake, as the Reportacknowledges, is an entirely good thing from a valuefor money point of view.

Q29 Mr Touhig: Mr Abadie—an unusual name.Are you related, by any chance, to Paul Abadie, the19th Century French architect?Mr Abadie: No.

Q30 Mr Touhig: Well, that is a relief all around,because after one of his jobs he became known as“Abadie the wrecker”. Tell me, must the Treasuryapprove every proposal to refinance a PFI project?Mr Abadie: The answer is no.

Q31 Mr Touhig: Why?Mr Abadie: From a policy point of view, we haveestablished the framework in which refinancingstake place. The decision about what is or is not valuefor money, as the case may be, is the responsibilityof the accounting oYcer of the Department orauthority concerned.

Q32 Mr Touhig: Does anybody in the Treasuryhave a particular interest in protecting the public’sinterest in these matters?Mr Abadie: Yes, most definitely. Within theTreasury, we have established the refinancingtaskforce. We fund a couple of people to act—



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Q33 Mr Touhig: Is there any one person?Mr Abadie: Two people.

Q34 Mr Touhig: There are two people responsiblefor looking to the public interest in any refinancingproject?Mr Abadie: That is quite correct.

Q35 Mr Touhig: The Chairman alluded in hiscomments to the killing that was made on therefinancing of the Norfolk and Norwich hospitalPFI. You do not have to approve each PFIrefinancing, but you do have two people to look ateach project. In what detail do they do so ?Mr Abadie: The mandate of the refinancingtaskforce has changed a little over time, but it isprincipally a supporting body. Authorities that wantto use the refinancing taskforce are entitled to do so.It sits in an advisory capacity, advising on goodpractice. At the time of the Norfolk and Norwichand the Bromley hospitals, and probably DebdenPark school as well, the refinancing taskforce mighthave been involved and concluded that policy wascomplied with.

Q36 Mr Touhig: But the Treasury has an overviewof all that?Mr Abadie: Yes.

Q37 Mr Touhig: You are a pushover then, really,are you not?Mr Kingman: My reading of the NAO’s Report isnot that we have a situation in which there are a largenumber of public sector purchasers which are notfollowing the code, or not driving it through, so asto secure the gains. Were that the case, we wouldwant to be more hands-on than we are. Actually, wehave a good dialogue with the key purchasingDepartments, and I think that the evidence of theReport is that the code is being followed.

Q38 Mr Touhig: You have good dialogue to letpurchasers make a good deal of extra money at thepublic’s expense. Barclays and Innisfree made largegains on the Darent Valley and the Norfolk andNorwich hospital projects. Who at the Treasurymakes sure that after a refinancing takes place, wecontinue to get value for money and that the projectsare well managed in the public interest?Mr Kingman: That is the responsibility of theDepartments that purchase the projects.

Q39 Mr Touhig: So you do not have much of a role,do you?Mr Kingman: We have a clear role in policy, and wehad a very important role in instituting, negotiatingand establishing the code successfully, such that thegains are realised.

Q40 Mr Touhig: You do not seem to want to policeit—you are quite arm’s length in all of this.Mr Kingman: I do not see the Report painting apicture of a code that is not being policed.

Q41 Mr Touhig: The Report points out, on page 31,that equity investors and debt providers haveconsiderable opportunities to generate benefits fromrefinancing PFI projects. Do you agree with that?Mr Kingman: Yes, I do agree. That was particularlythe case with earlier projects. In relation to those,and following the discussions at numerous PAChearings and the work of the NAO, our aim has beento extract a fair share of the gains in accordance withthe code negotiated with the private sector.

Q42 Mr Touhig: But you do not have to approveeach project. Do investors have to advise you of anyimprovement in value, and do they share with thepublic the financial benefits from a refinancingproject?Mr Abadie: Yes, they do. Once a refinancing iscompleted, or even before it is completed, therefinancing taskforce would be made aware of it andprovide support where necessary. I shall add animportant point to what John said: from our pointof view, there are very few cases in which the codehas not been complied with. Even when you see thelevels of return to which you referred, the code isnevertheless complied with. The Government havereceived their 30% share under the code as wasvoluntarily negotiated with the private sector. Inthat sense, it is not a failure of the code that theprivate sector is getting a 70 or 71% return. That isa separate issue.

Q43 Mr Touhig: The Chairman pointed outexamples at the beginning of the sitting describingthe very considerable refinancing gains that accrued:£1 million was the smallest; £116 million the largest.People must think that the Treasury is a pretty softtouch. In your earlier response to the Chairman, youcould not tell us why we could not get responsesfrom some of the companies involved.Mr Kingman: I do not accept that we are a softtouch. The success has been in negotiating thevoluntary code—it is worth remembering that theGovernment had precisely no legal entitlement toany of the gains—and the NAO’s Report concludedthat it was a successful negotiation.

Q44 Chairman: You may say that the fact that therewas no legal entitlement was a fault in the draftingof the scheme in the first place.Mr Kingman: Perhaps.

Chairman: So do not use that to bounce back at theCommittee.

Q45 Mr Touhig: You may not have any legalentitlement—I understand that—but you are givingpeople a licence to print money.Mr Kingman: All I can say is that we negotiated acode, and that that negotiation was regarded assuccessful. The key thing now is whether the code isa reality and whether it is working. I believe that theevidence of the Report is that it is.



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Q46 Mr Touhig: I am not clear whether you areinterested in processes or outcomes. Why do youallow Departments to opt to take their benefits overa period of time? Why do you not say “Take the cashnow”—a bird in the hand and all that?Mr Kingman: Because some Departments prefer totake benefits in other forms. There are legitimatereasons for taking the benefits in one form ratherthan another. I do not think that hard, rigidTreasury rules on everything would be justified inthis case.

Q47 Mr Touhig: Why break the habit of a lifetime?We have hard, rigid Treasury rules on every damnthing. Why do you think that certain investors arebuilding up large portfolios of PFI projects? Is itbecause they are public spirited?Mr Abadie: They have been building up thoseportfolios since the beginning of PFI. It is quitenormal practice. Most of the equity funds that arenamed in the Report were set up in the mid to late1990s with a view to building up those assets.

Q48 Mr Touhig: Is it a good thing?Mr Abadie: From the point of view of eYciency, webelieve so. I shall not name specific funds, but somehave collective insurance arrangements, and thebenefits are passed on to the individual projects.

Q49 Mr Touhig: Is not there a danger that increasedownership of PFI shares by a few large investors willin fact allow those investors to control the marketand reduce competition? Is the Treasury againstcompetition these days?Mr Abadie: Most definitely not. It is a question ofthe appropriate number of investors. There are fiveor six fairly substantial equity funds in the marketand there are four or five very large contractors thathave equity portfolios as well. There is a high degreeof competition between the eight and 10 fairly largeinvestors, so lack of competition does not overlyconcern us.

Q50 Mr Touhig: The Treasury is not overlyconcerned. That is definitive?Mr Abadie: Correct.

Q51 Mr Touhig: The Treasury is not concerned thata small number of very large companies is gettingcontrol of major PFI projects?Mr Kingman: We would be very concerned if therewere a sense that there was less competition in themarket, but we believe that there is healthycompetition in the market.

Q52 Mr Touhig: Thirty or forty years ago, localauthorities set up their own direct labourorganisations to build and maintain property—schools and the rest of it—because cabals of majorcompanies were being set up to bid for the workand control access to it. Have you thought ofestablishing a publicly owned and financed companythat would be a benchmark and that would providesome competition for the organisations in themarket?

Mr Kingman: Not as such, but let me return tothe general record of PFI. Compared with publicsector procurement it has been markedly moresuccessful—PFI investment projects have beencompleted on time in almost 90% of cases, whereasthree quarters of publicly financed projects overran.

Q53 Mr Touhig: Thinking out of the box, that one,was it?Mr Kingman: I think that PFI was about thinkingout of the box.

Q54 Mr Touhig: No, I mean my suggestion ofsetting up your own publicly financed company tocompete and set a benchmark. That is a tried andtested practice in local government. It has workedvery successfully and has delivered value for money.Mr Kingman: I could not claim to have studied theidea in detail, because we have not studied it indetail.Mr Touhig: If you decide to take it on, recognise thatyou heard it here first. I think that my time is up.Thank you.

Q55 Mr Philip Dunne: I remind the Committee ofmy declaration in the Register of Members’Interests. I am the director of a small fundmanagement firm that has invested particularlyenthusiastically in PFI refinancings and otherprojects, so I understand the economic attractionsfor the investor. You referred, I think, to the factthat the Treasury has two members of staV whoadvise on individual projects as they arise. Howmany are involved in monitoring the existing PFIschemes?Mr Abadie: Within the Treasury, or acrossGovernment?Mr Dunne: Within the Treasury.Mr Abadie: Within the Treasury, we have a team ofsomething between 10 and 12 people. There are acouple of people from the private sector, such asmyself, and there are two senior civil servants in theteam. We are supported on a contract basis byPartnerships UK, which provides us with additionaldepth and resource if we need it.Mr Kingman: To give a sense of the scale, that is aslarge a team as we have shadowing the entireDepartment of Health.

Q56 Mr Dunne: Presumably you require fullfinancial information on each project that qualifiesfor PFI, from any Department.Mr Abadie: We have a process whereby we obtaininformation on a semi-annual basis. Thatinformation can include the value of deals that wereclosed in the year and also the forwardcommitment—the unitary charge commitmentgoing forward. When a deal is closed there is also aprocess of data collation on the transaction, afterwhich the data are stored on a database held byPartnerships UK.

Q57 Mr Dunne: Does that mean that, if I were toask you for financial information on a specificproject, you could provide that?



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Mr Abadie: The database needs updating—particularly for older projects—but it is very muchup to date for transactions that have taken placeover the last three to four years.

Q58 Mr Dunne: I ask that question because when Iasked, in a parliamentary question, for a full list ofall PFI projects by Department, I was told that thatinformation was not available.Mr Abadie: That is surprising. We have a full list onthe Treasury website of every single signedtransaction. That is readily accessible.

Q59 Mr Dunne: Does it provide information onrates of return to investors at diVerent stages of theproject?Mr Abadie: No. On the website we have a list of allthe signed deals, and information on when they weresigned and by whom—by which Department—thename of the project and its capital value. The ratesof return, to the extent that we have that data, areincluded in the Partnerships UK database, which isavailable to the public sector.

Q60 Mr Dunne: Do you not require disclosure ofrates of return as part of the contract?Mr Abadie: No. Under the standard contract that weput out, authorities are entitled to ask for thatinformation and any information about thecontractor. Whether they ask for that data is up tothem. One of the helpful recommendations made bythe NAO in the Report is that we should be moresystematic in that respect and request that data.

Q61 Mr Dunne: I agree. It makes it very diYcult foryou to do your job and monitor the cost-eVectiveness of these projects if you do not knowwhat returns third parties are getting, does it not?Mr Abadie: There are various ways of looking atthat. The nature of the contract we enter into withthe private sector is eVectively for a fixed price. Whatwe are looking for over the period of the contract iscertainty of delivery of the services.

Q62 Mr Dunne: But, in order to make thejudgments that you have made that this is bettervalue for money than previous procurementpolicies, you must be able to establish how muchmoney third parties are making out of thesecontracts.Mr Abadie: If I may, I think that the yardstick bywhich we judge value for money is not how muchprofit people are making—people may makesignificant profits and they may make losses—butwhether we are getting better projects purchased atless cost and delivered to time. That is what we meanby value for money.

Q63 Mr Dunne: But as far as these refinancings areconcerned—they are generally at the stage after theconstruction risk has been taken out of a project,and I recognise that construction risk is one thingand that operating a financial risk thereafter is acompletely separate sort of risk—the Treasury

should have a good grip on the returns being madeby the industry. From what you have told me, youdo not have that at present.Mr Abadie: That is correct. We do not requestfrom the projects on a periodic basis what thecontractor—the PFI company—is making in termsof ongoing equity returns. That is a diVerent matter,though, from assessing whether a refinancing isvalue for money for the public sector. The trade-oVthere from a public sector point of view is theamount of money that we are getting under the gainshare. We always get 30% or thereabouts, so it is theamount of money that we get relative to the increasein termination liabilities and the probability of thoseoccurring. That is the value for money assessmentthat takes place under refinancing.

Q64 Mr Dunne: I accept that a great deal of goodwork was done by this Committee before I joined itin encouraging the private sector to share some ofthese gains, but unless you can assess the quantumof the gains, you are in a weak negotiating positionin order to extract maximum value for money.Mr Abadie: The NAO points out in the Report thatit and we are not aware of any transactions where theprivate sector has not told us that it has done arefinancing. Therefore, we are aware of all therefinancings that have taken place. Everyrefinancing has to be signed oV by an AccountingOYcer’s value for money for his or her Department.So, coming back to the value for money equation,every refinancing transaction that has taken placethat we are aware of—and we are aware of all ofthem—has been deemed to be value for moneysomewhere in that process. I do not know if thatanswers your direct question.

Q65 Mr Dunne: It sounds as though you are makingthat assumption without the full set of data on whichto base it.Mr Abadie: Again, I can only refer back to theReport, which says that we are aware of every singlerefinancing that has taken place. We are not awareof any refinancings that have not been advised tobe—

Q66 Mr Dunne: I am seeking to be on your side herebecause I think that this is ultimately likely to reducethe cost to the Government. In theory, the moresources of secondary market capital there are toinvest in PFI projects, the lower the economic cost tothe public purse, so this is a good thing to develop. Ifind it inconceivable, however, that you can sit hereand tell us that you recognise that there is a datashortage and you do not plan to do anything aboutit by changing the terms of the contract.Mr Abadie: I am not saying that we are not going tochange the contract. I think I said that we agree withthe NAO recommendation about collecting furtherdata. We have a process under way with theintention of doing just that, but I emphasise that thatin itself does not impair value for money on the backof a refinancing. That is a separate exercise and aseparate decision.



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Q67 Mr Dunne: Mr Kingman, does the Treasury orthe diVerent Departments underwrite any of the PFIprojects to any degree? Is there any comeback on theGovernment through these contracts?Mr Abadie: I am happy to answer that. Under ourstandard contract, there is no guarantee in thatsense. If a project is terminated, for whateverreason—public sector default, private sector defaultor because we want to do so voluntarily—there isa compensation regime that diVers in diVerentcircumstances. It does not contemplate a guaranteeon underwriting—if I understand the question—butthere may be individual projects when an authoritydecides to go counter to the standard contract and,for reasons unique to its project, may seek to providesome form of underpin or guarantee of either thedebt or the equity in that transaction. We are awareof a couple of those.

Q68 Mr Dunne: Those have been done by localauthorities or by agencies.Mr Abadie: No, there are some central Governmentones. On the London Underground, the debt wasunderwritten to an extent. On Skynet 5, which is aMinistry of Defence satellite project, somethingsimilar was also done. They are not local authorityprojects.

Q69 Mr Dunne: Are those accounted for in adiVerent way from those where there are noGovernment guarantees?Mr Abadie: The accounting may or may not beimpacted by the guarantee, depending on the level ofrisk transfer. That is independently assessed underthe extant accounting rules by the auditors and, ifnecessary, the National Audit OYce. It depends onthe balance of risk.

Q70 Mr Dunne: For each individual project, doesthe Treasury do an assessment of the anticipatedborrowing cost that the project can sustain?Mr Abadie: It is assessed in the round, together withall the other costs. We do not specifically assessborrowing capacity for the project. It is part of thevalue-for-money analysis and when the businesscase has come forward, either to the Department or,if large enough, to the Treasury to sign oV on, weassess the value for money in totality, not just of theborrowing costs.

Q71 Mr Dunne: What credit rating do you apply?Mr Abadie: For a bond project when the project isaccessing the capital markets for those projects, themonoline guarantors require the project to be aninvestment-grade project, which is then creditenhanced by a rating agency. Bank projectsnormally border on investment grade, either slightlyhigher or slightly lower.

Q72 Mr Dunne: Just for my benefit, does investmentgrade mean triple B or greater?Mr Abadie: Triple B minus, or greater. That iscorrect.

Q73 Mr Dunne: What credit rating do theGovernment borrow at?Mr Abadie: Triple A.

Q74 Mr Dunne: Who makes the spread betweenthose two rates? Does it accrue as a return to thefunders, or to the equity share in the PFI scheme?Sorry, does it accrue to the investor in the underlyinginstrument when there is bank borrowing or bonds,or does it accrue to the equity owner of the PFIproject?Mr Abadie: The diVerence between the cost ofGovernment borrowing and the cost of the project,where it is the average cost of capital, accrues to theprivate sector. It is at the heart of the value-for-money analysis that occurs. What you really dothere is to trade oV the cost of finance against therisks that John referred to earlier: the risk ofconstruction being transferred, the risk of operationand the like. If it is deemed that the finance cost—thepremium paid for the private finance—is in excess ofthe risks, as we determine them, that are beingtransferred to the private sector, the project undercurrent guidance should not go forward because it isnot value for money.Mr Kingman: It is worth adding that we require allprojects to undergo a comparison against preciselysuch a public sector comparison.

Q75 Mr Dunne: On average, what is the percentagediVerence in the funding cost for a project that isbeing financed through a PFI vehicle and aGovernment-funded project?Mr Abadie: It depends on the source of funding. Acouple of hospitals have closed during the past yearand from a price point of view, the overall interestcost was about 70 basis points higher than prevailingGovernment gilt rates.

Q76 Mr Dunne: 6%.Mr Abadie: 70 basis points—0.7%.

Q77 Helen Goodman: I would like to begin byasking you about the way in which the code isoperating. If you turn to page 23, it says, “The Codeis voluntary and the private sector has stated thatany changes could damage their commitment to it”.Do you agree with that?Mr Kingman: When the voluntary code wasnegotiated, one of the conditions that was requiredby the private sector was that the code would not berevisited. I think that the private sector had aconcern that the Government would, in a sense, seekto salami slice it. A judgment had to be reachedabout whether to agree to that condition—

Q78 Helen Goodman: But do you not think that thisis a case of “They would say that, wouldn’t they?”?Mr Kingman: Well yes, that is true in anynegotiation. We took a judgment that, since theprivate sector had been very clear about the issuefrom the beginning, we were much better oV with thegains that we had accrued under the code than withnot having the deal.



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Q79 Helen Goodman: Somewhere else, theReport—I cannot find the page now—said thatsome refinancings had not gone ahead because thePFIs were too small and the amount of managementtime involved would make them too expensive. Whydid you not have a new code for new PFIs or asliding scale in the old voluntary code?Mr Kingman: I am not certain that I know whetheranyone thought about that at the time. In a sense, wehave two codes: we have a backward-looking codefor—

Q80 Helen Goodman: But they are not related to thesize of the PFI; they are just related to the timing.Would not a sliding scale be a way of overcoming thedisincentive to refinance at one extreme and the verylarge returns accruing to the private sector at theother extreme?Mr Kingman: Possibly. We are where we are with thecode, in the sense that it was negotiated and it is notsomething that can, or should, easily be reopened.

Q81 Helen Goodman: Can I ask you to look at box10 on page 18? It says—this is an NAO point, andI want to know whether you agree—“In our view itwould seem more appropriate in such cases wherethe post refinancing IRR is significantly above thebase case IRR for the full amount of the gain to beshared.” Are you saying that you do not agree withthat point?Mr Abadie: We definitely can see the attraction ofchanging the arrangements, because that wouldclearly give more money to the public sector.However, as John suggested, part of the deal that westruck with the private sector to get it voluntarily tooVer up the 30% was that the code would not bechanged. We stand behind that commitment, andthat is what that sentence is eVectively referring to.

Q82 Helen Goodman: In eVect, you are admittingthat you did not get as good a deal as you might havedone and the public sector is not getting the sharesthat it might have got, but that, having done thedeal, you do not want to go back on you word?Mr Kingman: In a sense, it is always the case in anynegotiation of this kind that one could imaginebetter outcomes. We believe that the code has beensuccessful, and I note that the NAO, in its ownanalysis of the code, describes it as a goodnegotiating achievement. In the discussion that thentook place in this Committee, the OGC wascongratulated by at least one Member of theCommittee, who noted that we did not have much inthe way of negotiating power, which was a faircomment.

Q83 Helen Goodman: I would like to turn to theissue of changing liabilities for the public sectorfollowing a refinancing. Is it not really the case thatit is too soon to tell whether the refinancings oVer thepublic sector value for money?Mr Kingman: Yes, it is too soon to tell in a numberof respects. Many of these are long contracts, and asthe Report quite fairly says, we will need to see howthey work through. If we are in a situation where

liabilities are a big issue, we will need to look at thatdown the track. We are, as you know, cautious in theTreasury about public sector bodies agreeing tohigher termination liabilities. We think that thatconstrains their negotiating freedom, and theyshould think very hard indeed about agreeing tothem.

Q84 Helen Goodman: When you look at this issue,what account do you take of the changing patternsin service delivery?Mr Kingman: Whenever a public sector body entersinto a PFI contract for a school, hospital or prison, itneeds to think very hard about whether it needs thatschool, hospital or prison. When it enters intocommitments with a PFI contractor, it needs to beclear that those are the right commitments to enterinto. Of course, that is true under public sectorprocurement as well: if you are going to build ahospital, you need to think very hard about whetheryou are going to need it.

Q85 Helen Goodman: Yes. This point is made inparagraph 2.14. Hospital provision is an area whereit seems likely to happen. I know that from my ownconstituency. A PFI hospital was opened there fouryears ago, but already the medical practice ischanging and there are proposals on the table toclose wards. Obviously, if you close wards, you arenot getting the money in to pay the PFI charges.Despite that, paragraph 2.5 says:, “Most publicsector departments have chosen to take the gain as alump sum with the exception of the Department ofHealth which has advised NHS trusts to take theirrefinancing gains over time.” Why is that? In the onearea where delivery is changing fast, you areallowing people to behave like that.Mr Kingman: As I said earlier, there are legitimatereasons why a Department may choose to take thesein diVerent form. I do not know whether Richard—

Q86 Helen Goodman: Yes, but what are they? Thatis my question.Mr Abadie: It is probably a question best asked ofthe Department of Health. I shall try to answer as ithas told me in the past: the Department of Healthfeels that its share of the refinancing gain isbest amortised over the forward commitments.You referred to 30 years of commitments; theDepartment of Health’s policy tends to be to rebatethe unitary charge evenly over the life of thecontract, rather than taking the cash up front.

Q87 Helen Goodman: I understand that, and I amasking you, “Why?” Further, I want to knowwhether in allowing the Department of Health tobehave like this, you have talked to your colleagueswho deal with controlling spending on the healthside.Mr Abadie: I cannot answer the latter question.Again, the decision to approve or not approve arefinancing is for the Department and the trustconcerned. As I mentioned to another Member, it isnot a decision that is taken by the Treasury. We do



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not approve the refinancing, so I doubt that ourspending teams would have been involved in thatdecision making process.

Q88 Helen Goodman: Okay, but could I suggestthat you ask the Department to reconsider this in thelight of changing patterns of service provision,please?Mr Abadie: We will do that.

Q89 Helen Goodman: Thank you. I would like toturn to the question of what is happening in theequity market. The Report says that you haveexcluded equity sales from gain sharing, because youare assuming that they are subject to taxation. Doyou think that that is a realistic assumption?Mr Kingman: That is not the main reason why we seethem as rightly excluded from the code. As I said atthe outset, we see equity transactions as verydiVerent from a PFI refinancing. The latter takesplace within the project and it is an importantchange that aVects our rights and interests as apurchaser. A change in the equity ownership of theproject is diVerent: it is outside the project, it doesnot aVect our rights and it happens in any form ofpublic procurement. Companies that sell—

Q90 Helen Goodman: You are saying that it isanalogous to the operation of the gilts market really?Mr Kingman: Well, it would not be the closestanalogy in my mind. The closest analogy would be ifthe Government were to sign a property lease, asthat is very similar to a PFI project. If theGovernment were to lease a property, you wouldexpect us to drive a hard bargain on the lease and todrive a hard bargain if somebody wanted to changethe lease; however, you would not expect us to try tosecure rights over the freehold, which is theequivalent of the equity stake.

Q91 Helen Goodman: Are you saying that you didnot take the decision because you thought that thepublic sector would get its share of the returnsthrough taxation? Are you going back on what youhave obviously agreed with the NAO in writingthis Report?Mr Kingman: Could you point me to the relevantparagraph?Helen Goodman: Sorry, it is page 30, paragraph 3.6.Mr Kingman: The Report quite rightly names arange of reasons. The reason that I am trying todescribe is probably the first bullet point on that list.The tax issue is the third bullet point.

Q92 Helen Goodman: It was highlighted, so Ithought that it was a major consideration.Mr Kingman: I certainly would not describe it as theprincipal reason.

Q93 Helen Goodman: Would you be concerned atall if things were sold on the equity markets orvehicles were set up overseas that were not subject toUK taxation?

Mr Kingman: There are principles aroundtransactions involving oVshore tax havens, forexample. I know that they have come up before theCommittee in relation to the Mapeley transaction.In general, the Treasury always likes to get a shareof tax out of anything that we can, but we are not inthe business of requiring any form of UK publicsector procurement to be done solely through UK-based vehicles, because that would be illegal underEU law.

Q94 Helen Goodman: I can understand that, but itseems that you are opening up a massive loophole.Mr Williams pointed out that whereas you had ashare in debt refinancing, you do not have the samelevel of control here. The situation is even worse ifthings are sold on to overseas vehicles.Mr Kingman: As I said, legally, it simply would notbe possible for the British Government to restrictany form of procurement to UK-based bodies.

Q95 Helen Goodman: Do you have any estimate ofhow many equity holdings are in the hands ofcompanies registered overseas?Mr Kingman: No, I do not. As you know, theTreasury is very restricted in what information it hasaccess to in relation to the aVairs of individualtaxpayers or taxpaying companies.

Q96 Helen Goodman: So at the moment, we do notknow the potential loss or gain?Mr Kingman: Correct.

Q97 Mr Khan: Mr Kingman, isn’t the PAC being abit unfair to you by moving the goalposts? Thereason behind PFIs, as I understand it, is to harnessprivate sector management expertise in the deliveryof public services and not to have a detrimentalimpact on public borrowing. PFIs are doing sosuccessfully. You would say that one could use twocriteria to assess how wonderfully successful boththe PFI projects and refinancing have been: first,projects are finishing well on time—I think that youused a figure of 90%—and secondly, most areunder budget.Mr Kingman: I would agree that that is the principalway that we judge the success of the policy, but Ithink that the work done with the NAO and the PACover time has been—

Q98 Mr Khan: You have already sucked up to me.That is fine—the PAC is wonderful—but we arebeing slightly unfair. We are moving the goalposts.Mr Kingman: I do not think that it is for me to makethat comment.

Q99 Mr Khan: Some would argue—it is not quite athird fiscal rule—that we have a third PAC rule. Asyou said, the first two rules are to be on time andunder budget. The third rule that we have imposedon you is to share the proceeds of refinancing withthe taxpayer.Mr Kingman: I think that it is right when refinancinghas taken place that we should seek to secure a gooddeal for the taxpayer from it.



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Q100 Mr Khan: Right. You accept the moving ofthe goalposts, so that we now require you to sharethe proceeds of refinancing with the taxpayer. Doyou accept that that is a noble and right thing to do?Mr Kingman: I do not know that I myself woulddescribe it as moving the goalposts, but—

Q101 Mr Khan: You are happy with it. Fine. Doyou think that it is moving the goalposts if we saythat you should share the proceeds of equity with thetaxpayer?Mr Kingman: I think that that would be a verydiVerent thing, yes, for the reasons that I have given.Equity transactions are a diVerent variety oftransaction, which does not aVect the public sector’srights in the same way.

Q102 Mr Khan: Let us come to that in a second.What is quite clear is that investors, whether they arein refinancing or on the equity side of things, aremaking huge sums of money from PFI projects. Doyou accept that?Mr Kingman: There have been some projects whereinvestors have made significant sums of money, andother projects where a great deal of money hasbeen lost.

Q103 Mr Khan: Could that mean that the originaldeals were not priced properly at the outset?Mr Kingman: It might mean, with the benefit ofhindsight, that they could have been priced better,but they were priced on the terms available at thetime. The real test should be whether they were gooddeals. Were the projects good, were they deliveredon time and so on?

Q104 Mr Khan: Right. In those examples wherethey may have been priced a bit too generously, doyou accept that people in the equity markets havemade huge sums of money because of it?Mr Kingman: I accept that there is the potential formoney to be made in PFI, either from projects orfrom selling on the projects at a profit or a loss. Thatcan happen in any market.

Q105 Mr Khan: So why not agree to move thegoalposts in the equity situation, as you have agreedto do vis-a-vis refinancing?Mr Kingman: Because it is a diVerent variety oftransaction. For reasons that I have attempted togive, one aVects and changes the public sector’sinterest and exposes the public sector to liabilities,and we need to consider that and get a benefit out ofit; the other does not.

Q106 Mr Khan: Do you accept that there aresimilarities with, for example, the impact thatsecondary investors may have on the management ofPFI projects?Mr Abadie: It may impact. In one of my earlierresponses, I referred to potential eYciencies that theportfolio investors may bring to bear on the projects,which may have an impact.

Q107 Mr Khan: That is a positive impact?Mr Abadie: A positive impact, yes, but I want toclarify and add to what John has said. Who theinvestor is does not aVect the underlying contracts—Government contracts with a special purposecompany. That is who we contract with; we do notcontract directly with investors, so if the investorschange, the underlying contract does not change.

Q108 Mr Khan: Sure. So let us be clear: yourposition is that the Committee’s obsession withmaking sure that the taxpayer is not dealt withunfairly is unnecessary, because projects arefinishing on time, or perhaps ahead of time, andunder budget? Is that fair?Mr Abadie: It clearly does not stop there: theobjective of PFI goes beyond just the build phase; itgoes right through the life of the contract.

Q109 Mr Khan: Do you have idea of the financialrewards that those who invest in the equities marketare making in share sales and stuV?Mr Abadie: We do.

Q110 Mr Khan: You do? What sort of sums are wetalking about?Mr Abadie: I can quote publicly availableinformation, which is easily available on the publicwebsites of some plcs. Carillion, which is one of theinvestors, probably owns about 20 PFI projects. Itsold some of its investments quite recently tosecondary market investors, and the proceeds that itreceived were about £46 million. The cost of theinvestment that it reported was about £24 million.

Q111 Mr Khan: Over what period is that?Mr Abadie: It is a portfolio, so the individual assetsin that underlying—

Q112 Mr Khan: What period are we talking about?Mr Abadie: Again, it depends on the underlyingassets.

Q113 Mr Khan: We are not talking 30 years, are we?Mr Abadie: No, clearly not. It is worth adding thatwhen investors enter these projects in the beginning,they do not expect to own the assets for 30 years. IfI look back over policy, going back 10 years to thedays of the private finance panels, that was quiteopenly spoken about.

Q114 Mr Khan: That is what concerns me. I am nota PFI expert, unlike many others of the Committee,but I read somewhere in the Report that that thereason why we should not feel that we have beenripped oV as taxpayers in relation to refinancing isthat terms and conditions have improved as theadvantages of reduced risk trickle down as a resultof the more mature PFI market. Yes?Mr Abadie: Yes.

Q115 Mr Khan: And so taxpayers are appeasedbecause that is the reason why huge profits are beingmade. Because we were inept and did not negotiate a



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gain supplement, we have had a voluntary code andhave got 30%, if we are lucky, and 50% after 2002.Yes?Mr Abadie: Correct.

Q116 Mr Khan: I am unclear, however, about thejustification that you are giving for yet further profitsbeing made by the equity markets. How can youexplain this double profit that is now being made bythe equity markets? You have explained therefinancing profits, and we have alleviated some ofthe pain that taxpayers are feeling as a result of beingshort-changed in the original negotiation, but howdo you explain the second tranche of profits beingmade by equity?Mr Kingman: I just want to make a generalobservation before Richard comments. The fact—

Q117 Mr Khan: Mr Kingman, I only have 10minutes, and seven minutes are up, so please dealfirst with my specific question, and then you canmake your general point in the Chairman’s time.Mr Abadie: When the investors went into theseprojects initially—Mr Khan: I am sorry, but I really cannot hear you.Mr Abadie: Sorry, it must be my voice—I am losingmy voice here. When the investors went into theseprojects initially, they had certain expectations ofwhat type of returns they could possibly make on theback of their investments. Those would haveincluded an assumption about the amount that theycould make out of refinancing, which is clearly asource of revenue, and, as an ancillary, what theycould potentially make by selling on theirinvestments. Those things are not mutuallyexclusive.

Q118 Mr Khan: So they foresaw, when they firstnegotiated these deals, that they would make twotranches of profit: first during refinancing and thenby selling shares?Mr Abadie: If the asset was performing. As Johnsaid, some people have lost all their money—

Q119 Mr Khan: But, Mr Abadie, if they couldforesee that, why could not we foresee it and write itinto the contract to ensure that we would get theproceeds of the refinancing or of the equity? I do notunderstand.Mr Kingman: It depends entirely on whether theproject is successful. If it is successful it is possible tomake money, but if it is unsuccessful it is possible tolose money.

Q120 Mr Khan: I am not asking you to takeproceeds from those who lose money; I am askingwhy we could not get a better deal for when hugeprofits are made.Mr Kingman: If you are suggesting that we shouldtake equity stakes in PFI projects, I think that thatwould be a very big step for the Government to take.We would essentially be saying, “Not only do wewant to buy a prison or hospital, we also we want totake a stake in the commercial success or otherwise

of that venture.” I think that the PAC would be thefirst to challenge us on the value for money ofdoing that.

Q121 Mr Khan: You are saying that one of theincentives that private investors have is the hugeprofits that they may make—obviously some willnot be successful—on two things: refinancing andselling shares?Mr Kingman: They can make money in a number offorms, yes.

Q122 Mr Khan: So why are you not saying moreloudly and clearly, “Look, PAC, calm down. Youguys have got your knickers in a twist aboutsomething that we always expected to happen.”?Mr Kingman: I am not sure that it is for us to tell thePAC to calm down or otherwise—

Q123 Mr Khan: Let me tell you why. I am surprisedby the timidity of your answers to the Chairman’sassertions of negligence/incompetence and of yourfailure to negotiate proper proceeds to the taxpayerand your reliance on the voluntary code. The codeclearly is not working, is it?Mr Kingman: On the contrary, the evidence issupportive. The NAO says that the code is generallyworking.

Q124 Mr Khan: What was the prediction? Howmuch money should we have got by now from thevoluntary code?Mr Kingman: I do not understand your question:how much money should we have got? 30% is whatwe should have got and 30% is what we have got.

Q125 Mr Khan: There is no shortage in the figures?Mr Kingman: No.

Q126 Mr Khan: I thought that there was a £93million figure versus £200 million.Mr Kingman: That was an estimate.

Q127 Mr Khan: Oh, it was an estimate. So it isokay?Mr Kingman: It was not a target.Mr Khan: Oh, I beg your pardon.Mr Kingman: I think it would be quite wrong for itto be a target.

Q128 Mr Khan: Mr Kingman, have you read theReport?Mr Kingman: Yes.

Q129 Mr Khan: I think that my time is almost up. Icannot see either targets or estimates defined in theglossary at the back of the Report. I hope that for thenext report you will talk to the NAO and make surethat I can understand the diVerence between anestimate and a target. When I see an estimate forthose sorts of savings and they are not made, I amquite disappointed by it. I am paraphrasing, but youare saying, “Look, it wasn’t a target, so it’s okay.”



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Mr Kingman: I am saying that it was an estimategiven in good faith of what Peter Gershon predictedwould be the outcome. However, it was clear at thattime that there were enormous uncertainties and hewas clear about that.

Q130 Mr Khan: May I ask you about the oVshoretax shelters that we are told in paragraph 3.6 someof these companies use to avoid paying tax whenthey sell their PFI shares? Should we be concernedabout that?Mr Kingman: I am not sure that that is whatparagraph 3.6 says.

Q131 Mr Khan: Should we be concerned about theoVshore tax shelters?Mr Kingman: I am not sure whether—

Q132 Mr Khan: Are investors taking advantage ofthem?Mr Kingman: I do not know. As I said earlier, thereare very tight constraints on what the Treasury canknow about the aVairs of individual taxpayers.

Q133 Mr Khan: One way in which we can reap someof the proceeds of the sale of shares is byrevenue—yes?Mr Kingman: Tax revenue, yes.

Q134 Mr Khan: Are you surprised that I amextremely surprised that you have no idea whethersome of these investors are using tax shelters toreduce the amount of tax they pay?Mr Kingman: I do not know whether to be surprisedthat you are surprised. What I am saying is that thereare very tight constraints on what the Treasury canknow about the aVairs of individual taxpayers.Mr Khan: I am afraid that my time is up.

Q135 Chairman: Would you be surprised to knowthat when I started asking for shares andrefinancing, the Treasury told me that it wouldfrighten away investors? Is not that what you aresaying about this second proposition from theComptroller and Auditor General?Mr Kingman: All I can say, Chairman, is that Ibelieve that these are diVerent kinds of things andthat it would be a very big step to move into thatspace.

Q136 Mr Bacon: I shall start with the NAOquestion, if I may. Sir John, thanks to Mr Williams,in the first instance, we have been looking at PFIrefinancings for some time now. I follow on from MrKhan’s question about paragraph 3.6, which saysthat equity sales from selling shares would“potentially” be subject to taxation, thus implyingthat they might not be. Is what you are suggesting inthe Report roughly this: now that there is avoluntary code and now that companies whorefinance are subject to that voluntary code and willshare their refinancing gains 70:30 with thetaxpayer—the public sector—there is an extraincentive, which may not previously have existed,for companies, in order to get all the gain, rather

than to have to share some of it with the publicsector, to leave the uncrystallised refinancing gaininside the project and sell the equity in the project tosomebody else, and in so doing, sell it through a tax-eYcient vehicle overseas so that they can keep,eVectively, all the gain? If you like, there is anincentive to shift away from initial refinancingstowards equity sales. Is that what you are basicallysaying?Sir John Bourn: Certainly that might be a possibilityand what a company might seek to do, but if youtake, as it were, the gain by selling shares, you takeit from somebody else rather than from the taxpayer.Somebody else then, in a sense, is financing yourgain, and having bought the shares, he will hope tomake some gain or create some advantage,otherwise he would not do it. On the question oftaxation arrangements, it applies to commercialarrangements generally. Companies, in whateverline of business, will think about their taxationposition and try to arrange to be taxed in onejurisdiction or another in accordance with theestimates that they make about the advantage tothem—whether it is a PFI proposition or a generalcommercial proposition.

Q137 Mr Bacon: Mr Kingman, I think you werequoting a Member of the Committee, although I amnot sure whom, when you said: “We didn’t havemuch in the way of negotiating power.” Will you saywhy you or the authorities concerned did not?Mr Kingman: Simply because we had no contractualrights to any of the gains.

Q138 Mr Bacon: That is what I thought. Elsewhere,you said that there was no entitlement to any ofthese gains.Mr Kingman: Yes, correct.

Q139 Mr Bacon: But elsewhere you said that theprivate sector was already very highly incentivised togo after those gains, and earlier you said, “We thinkit is correct that major value for money issues canarise.” If the private sector is already highlyincentivised to go after the gains and we think itcorrect that major value for money issues can arise,why were not provisions included initially in thecontracts to ensure that there was a right to a shareof the refinancing gain?Mr Kingman: Clearly, it would have been better ifthey had.

Q140 Mr Bacon: Why were they not?Mr Kingman: I am afraid that I am not in a positionto answer.

Q141 Mr Bacon: Can I tell you the answer? It isbecause the Treasury forbade it, is it not? TheTreasury issued guidance forbidding the inclusion ofrefinancing clauses, did it not?Mr Kingman: I am afraid that I do not know whetherthe answer is yes or no.



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Mr Bacon: Mr Abadie?Mr Abadie: I understand that to be correct.

Q142 Mr Bacon: Could you send us a copy of thatguidance please?Mr Abadie: We will do so.

Q143 Mr Bacon: You are aware, are you not, thatthe Department of Health, acting as I understand iton Treasury guidance, forbade the Norfolk andNorwich hospital from including a refinancingclause in its contract, although it would very muchliked to have done so? I know that because it is onthe borders of my constituency and the ChiefExecutive and the Finance Director told me thatthey would have loved to have had a refinancingclause at the outset, but they could not, could they?Mr Abadie: I am not aware of that particular point,but I understand your point about the wider policy.

Q144 Mr Bacon: They could not do it because theywere forbidden from doing it by the Department ofHealth and the Treasury. Is not that the case?Mr Abadie: I do not know the answer to Norfolkand Norwich.

Q145 Mr Bacon: But generally speaking, it iscorrect that Treasury guidance prohibited theinclusion of refinancing clauses early on?Mr Abadie: That is correct. The position of theTreasury at the time was that to encourage entrantsinto the market—both debt and equity—we wouldnot include refinancing or gain-share clauses in that,as was customary on similar programmes.

Q146 Mr Bacon: I would just like to get a copy ofthe guidance; it would be very helpful to get itpublished in our Report.3 You mentioned earlierthat you have collected a lot of information,although the information on the older projects ismore out of date, and that one must look in a coupleof diVerent places—on the Partnerships UK websiteand, I think, on the Treasury’s own website. Howmany PFI projects are there all together?Mr Abadie: There are just over 750 projects. I wantto clarify something that you said, however: the dataare all available on the Partnerships UK website topublic authorities; we have a slimmed-down versionof that on our public website.

Q147 Mr Bacon: Of those 750, how many are on-balance-sheet projects and how many are oV-balance-sheet projects?Mr Abadie: I am not sure of the numbers. There is adetailed reconciliation and we can provide it to theCommittee, if you would like. It depends on theconstruction stage of the project. If a project is underconstruction it scores against the public sectorbalance sheet when it starts operations. Even thoughthere are 750 signed deals, one cannot just make acut as to which are on and which are oV, because itdepends on the stage in the construction period.

3 http://www.hm-treasury.gov.uk/documents/public–private–partberships/ppp–guidance–index.cfm

Q148 Mr Bacon: Two particular pieces ofinformation interest me. First, out of the 750 deals,what is the current situation—which are on andwhich are oV balance sheet? Secondly, how much byvalue is on and oV balance sheet? Can you providethat information?4

Mr Abadie: We can.

Q149 Mr Bacon: What is the total value of the 750deals at the moment?Mr Abadie: Just over approximately £50 billion.The reason I am slightly cautious is that onebig transaction—the Committee has consideredit previously—is that relating to LondonUnderground. That counts for £16 billion to £17billion of the total. However, the way the transactionworks means that there is approximately £1 billion ayear of asset spending over 15 years, which is howthat number arises.

Q150 Mr Bacon: Okay. It would be helpful if youcould send us a detailed note containing a list withthe number of projects, details of those that are onbalance sheet and those that are oV balance sheet,and the value of those that are on and oV balancesheet.5 When you said £50 billion, what did youmean? Did you mean the net present value or thecumulative value of the annual unitary payments,or what?Mr Abadie: No. That number is the capital value ofthe projects, which means diVerent things todiVerent people. In eVect it is the initial build cost.

Q151 Mr Bacon: Right. So let us take an examplethat is close to home: the first Treasury building—Exchequer partnership No 1. Do you know theinitial build cost of that?Mr Abadie: Approximately £140 million.

Q152 Mr Bacon: No, that was the value of the bond.The construction cost was £118 million. So whenyou mention the £50 billion, you mean a number foreach project that is analogous to the comparison of£140 million and £118 million in the case of theTreasury project.Mr Abadie: No, when I refer to the £50 billion Imean the capitalised cost over the constructionperiod, which includes interest during construction,inflation and a couple of other things.

Q153 Mr Bacon: I would like you to send us anothernote. Taking the Exchequer partnership number 1example again, the annual unitary payment is£14,037,000, is it not?Mr Abadie: I do not know.

Q154 Mr Bacon: That is indexed each year, so it hasprobably increased slightly since I obtained theinformation by way of a parliamentary question. Itis about £14 million per year. If you multiply £14million by the number of years of the contract, whichfrom memory is 35, one gets £838 million. Can yousend us a note with the same sum for each project,

4 Ev 15–175 Ev 15–17



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so that we can get the total amount of payments—inother words, the annual unitary charges multipliedby the total number of years, for all the projects?Mr Abadie: We can do that.

Q155 Mr Bacon: It would be a lot higher than £50billion, would it not?Mr Abadie: Definitely. It is publicly availablealready.

Q156 Mr Bacon: Yes, but it would be nice to have itin one place.Mr Abadie: It is in one place. It is in the Pre-Budget Report.

Q157 Mr Bacon: I would quite like it in our Report.When you send the note on the 750 projects, couldyou attach a column with those figures—the capitalcost, and the cost in terms of the annual unitarycharge multiplied by the number of years?6

Mr Abadie: We can do that by year. As I said, it ispublicly available information.

Q158 Mr Bacon: Yes, but I would like you to sendit to us, if you could.Mr Kingman: We will want to be sure that anythingwe send is meaningful in today’s money.

Q159 Mr Bacon: I am interested in the cash. If youwant to put in extra stuV too, please do. You maywant to explain why certain information would notby itself be meaningful, as you put it, but I shouldlike the raw number—how much cash is going outthe door—the “COTD”, if you like. Mr Abadie, youwork for PricewaterhouseCoopers, do you not?Mr Abadie: I do.

Q160 Mr Bacon: How long have you been secondedto the Treasury?Mr Abadie: I have been in the Treasury since thebeginning of November 2004.

Q161 Mr Bacon: So you have been there just twoyears. How much longer are you expecting to stay?Mr Abadie: John?Mr Kingman: Richard will shortly be leaving us andreturning to PricewaterhouseCoopers. I should saythat, from our point of view, having someone withhis expertise is vital in ensuring that we can run aprofessional policy operation.

Q162 Mr Bacon: Your job is head of PFI policy.Mr Abadie: That is correct.

Q163 Mr Bacon: It strikes me as interesting that theTreasury, for something so important, had to gooutside on a temporary, seconded basis to findsomeone to drive such a significant policy.Mr Kingman: I would not see that as a sort of secondbest. On the contrary, I would see it as a much betterarrangement from our point of view. This is a verytechnical area, and I think the Committee would bethe first to tell us that we do not want to be

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hoodwinked by the private sector. I think it isabsolutely essential that we have in the Treasury, aswe had for a number of years in a number ofRichard’s predecessors, senior people from theprivate sector to help us with developments.

Q164 Mr Bacon: I am running out of time, but Iwould just like to ask you a question about thesecondary market. You drew a distinction betweenrefinancing on one hand, which you called animportant change, and changes in the ownership ofthe equity on the other, which you said did not aVectyour rights. Plainly, if you sell a company with aseries of rights, those rights are then held by the newowner. Are you saying, therefore, that you have nointerest in who the owners of these companies are?Mr Kingman: No, I am not saying that. I am sayingthat for us to have good grounds and for it to besensible value for money, clawing back gains needsto be in relation to some change in our contractualposition and our rights as a purchaser.

Q165 Mr Bacon: But you have no control over howfrequently these companies are bought and sold,do you?Mr Kingman: No.

Q166 Mr Bacon: Yet, as we know from the highlydeveloped capital market for companies, who ownsa company can be a hugely significant fact in termsof how well it performs. When companies merge andare taken over, sometimes they do very well as aresult, and sometimes they do very poorly as a directresult of the change of ownership, so ownership hasa big potential impact on the delivery of service, doesit not?Mr Kingman: I am not sure that we would see PFI asdiVerent from any other form of procurement. If webuy computers from IBM, that does not give usrights over who owns IBM.

Q167 Mr Bacon: Yes, but buying a service andbuying a computer are not the same thing. Buyingmanagement services, buying intellectual servicesand buying commodities are not the same. You arenot trying to suggest that buying a series of services,which is essentially what PFI is about, is like buyinga commodity, are you?Mr Kingman: No, but I think the same principleswould apply for anyone we were buying servicesfrom. If we buy services from a large consulting firm,we have no rights over who owns the consulting firm.

Q168 Mr Bacon: No. So you are quite content thatthe secondary market should develop and grow andthat there should be large portfolios of PFIcompanies oVering services to schools and hospitals,and that you will not necessarily know who theunderlying owners are.Mr Kingman: It may well be sensible for the publicsector purchasers to know who their investors are.We clearly need to have a good picture in theTreasury of what the market is like and what thebroad position is like, but, yes, we are content withthe situation you described.



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Mr Bacon: Thank you.

Q169 Chairman: You have been calling the tune asfar as the other Departments are concerned in termsof the approach to PFI, yet the Treasury is singularlyreluctant to send witnesses to Select Committees,other than to the Treasury Committee. Do you thinkit is right that when you have a cross-Governmentrole, the Treasury is rather reticent about appearingto defend its position? For example, there werecomplaints in relation to the hearings on the tubeprojects.Mr Kingman: I am afraid that I am not sure that Iam an authority on our position on representationsat other hearings.

Q170 Chairman: What has come over today is thatthe Treasury calls the tune. The others are allowedto play to the hymn sheet—that is a rough analogy—but essentially you are the people who state theground rules. Yet when Select Committees wantevidence of the thinking behind the ground rules, itis sometimes diYcult for them to get the Treasury toprovide witnesses to individual departmental SelectCommittees. Can you at least concede that thatpresents certain diYculties?Mr Kingman: I am afraid that I am simply not awareof the position in relation to other Committees.

Q171 Chairman: Okay.Mr Abadie, at some stage in the near future, you

are going to return to the private sector, and Inoted the warmth of the reception by yourcolleague, who is reluctant to see you go. If youwere about to leave, what would you advise us to

do diVerently from what we are doing now? Isuspect that this will lead to you leaving rathermore suddenly.Mr Abadie: Or not going back to the private sector,as the case may be. In overseeing Treasury policy,pretty much all our forward-looking policy agendawas captured in a March Treasury policydocument, published alongside the Budget, entitledStrengthening Long-Term Partnerships. Thatdocument describes chapter and verse our forward-looking policy agenda. Although that might havebeen a hypothetical question, that documentencapsulates what the Treasury will be looking atin the future, beyond me and John. We mention inthe document a couple of areas—I do not know ifthe Committee wants to go through them—that wehave decided to look at more closely. Since thatdocument in March, we have published a couple ofguidance notes on value for money, benchmarkingand market testing. We are looking at design in PFIand, as I said, the document covers many areassuch as reform of the procurement process.

Q172 Chairman: Has the NAO had theopportunity to consider the implications, perhapson the work of this Committee, of the Marchdocument? Would anything in it changesubstantially the way in which the Committee looksat PFI cases? It does not matter if you cannot givean immediate answer. You can write if you wish.Sir John Bourn: Certainly.Chairman: Gentlemen, you will gather that therehas been a degree of gentle scepticism throughoutthis hearing, which I suspect will be reflected in theReport, but thank you very much for trying toreply openly.



Supplementary memorandum submitted by HM Treasury

Questions 148, 150 & 150 (Mr Richard Bacon)

As noted during the PAC hearing, the Treasury is updating data on all PFI projects. This exercise iscarried out by the Treasury biannually in line with publication of data in the Pre-Budget and BudgetReports. Data on accounting treatment, unitary charges and capital value for individual projects should,subject to departmental verification, become available by around March. The Treasury will provide thePAC with this information when it is available. Because of restrictions arising from commercialconfidentiality, the information provided will be all that is available for publication. The table belowprovides a disaggregation of the capital value of projects, as well as the sum of unitary charges, bydepartment based on the Treasury’s most recent estimates.

— The capital value data is available publicly on the HMT PPP website: http://www.hm-treasury.gov.uk/documents/public private partnerships/ppp pfi stats.cfm

— The table on unitary charges provides the latest update on data published in the Budget Reportand Pre-Budget Report on a yearly aggregate basis.

PFCI signed projects list, total capital value by Department

Department Total Capital Value(£bn)

DCLG 1.4DCMS 0.23DEFRA 0.94DfES 4.57DfT 22.13Health 8.67LCD 0.37Chancellor’s Departments 0.82Home OYce 1.22MoD 5.99Devolved Administrations 6.22Other Departments* 1.96Total 54.55

* Other departments are CO, DTI, DWP, FCO.

Note, the PFI signed deals list records capital values not the debt amount likely to arise therefrom. Forthose projects judged to be on-balance sheet, the debt only scores when the asset completes construction.For example, London Underground Limited (LUL) is shown on the signed deals list to have a capital valueof £17 billion, however this is only spent and comes onto the public sector’s balance sheet over a 15 yearperiod.



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Question 150 (Mr Richard Bacon): Data on individual PFI projects covering: unitary charge payments, totalcapital values and balance sheet treatment

The data is current, having been updated for the Budget. We will be updating the HM Treasury onlinesigned deals list to reflect this data. It has been produced as part of an extensive reconciliation exercise thathas been conducted to establish the current operational portfolio of PFI projects. The data has been sourceddirectly from returns from over 20 diVerent public sector bodies, many of which have in turn compiled theirreturns from a much greater number of public sector organisations. As such it has been a detailed andresource intensive-exercise covering more than 500 projects that have been signed over 15 years.

Differences Between PAC Return and Signed Deals List

The current signed deals list on the Treasury website is an historical record of all PFI projects that havesigned. It has been added to over time as new deals have signed. However, this is the first time an overallreconciliation exercise has been conducted for these figures to establish the current operational portfolio ofPFI projects. This will allow us to revise and update the signed deal list, since:

— some projects have concluded or been terminated;

— some projects have contractual structures that means they are no longer classed as PFI; and

— some projects have been contractually merged.

In addition there are some new projects which have been signed since the last signed deals list waspublished in December 2006.

Non-provision of Data

Data on unitary charge payments for Scottish PFI projects has not been provided at the request of theScottish Executive. The Scottish Executive has stated to us that the PAC’s responsibilities do not coverScottish PFI/PPP and they believe it is not appropriate for them to provide unitary charge data.

Transport for London have asked that, due to the commercially sensitive nature of a number of theirongoing negotiations, unitary charge payments are not released into the public domain.

Smaller Projects

There are also two projects for where unitary charge payments have not been provided to the Treasuryby Departments. For clarity, these projects are marked on the attached data return. We are still seeking toobtain this data and will update the PAC with progress on this final reconciliation shortly.

Indexation

For 24 projects, Departments have not indexed the unitary charge payments with an inflation assumption.In these cases we have factored in a generic indexation approach, indexing 40% of the unitary charge(an assumption designed to cover the proportion of the project cost aVected by inflation) at 2.75%(RPI at the inflation target level ie equivalent to 2% CPI). This is consistent with the terms we would expectto be used in projects across all sectors of the PFI market. For clarity, these projects are marked on attacheddata return. Again, we are seeking to track the exact indexations for these projects with Departments andwill update the PAC on this shortly.



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stim

ated

Est

imat

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stim

ated

Est

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stim

ated

Est

imat

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stim

ated

Est

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stim

ated

Est

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stim

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Est

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stim

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Est

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Est

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stim

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unit

ary

unit

ary

unit

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unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

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unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

char

gech

arge

char

gech

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char

gech

arge

char

gech

arge

char

gech

arge

char

gech

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char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

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char

gech

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paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

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m)

(£m

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m)

(£m

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m)

20.5

221

.04

21.5

622

.10

22.6

523

.22

23.8

024

.40

25.0

125

.63

26.2

726

.93

27.6

028

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29.0

029

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30.4

731

.23

32.0

132

.81

——

——

——

——

15.1

415

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15.9

116

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16.7

117

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17.5

618

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18.4

518

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19.3

819

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20.3

620

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21.3

921

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22.4

823

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23.6

224

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24.8

125

.43

26.0

726

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27.3

9—

——

11.6

411

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12.2

312

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12.8

513

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13.5

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14.1

914

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14.9

115

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15.6

616

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16.4

516

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17.2

917

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18.1

618

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19.0

819

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20.0

520

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21.0

6—

——

42.7

243

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44.8

846

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47.1

548

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49.5

450

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52.0

553

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54.6

856

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57.4

558

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60.3

661

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63.4

265

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66.6

368

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70.0

071

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73.5

475

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77.2

779

.20

——

13.5

313

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14.2

214

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14.9

415

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15.6

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16.4

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17.3

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——

22.2

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25.7

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29.9

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31.4

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33.0

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34.6

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38.2

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40.2

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——

21.1

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36.3

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38.1

6—

——

18.8

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20.7

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34.0

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——

20.1

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21.1

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22.2

122

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23.3

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24.5

225

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25.7

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27.0

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28.4

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31.3

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34.6

435

.51

36.4

037

.31

——

2.09

2.14

2.19

2.25

2.30

2.36

2.42

2.48

2.54

2.61

2.67

2.74

2.81

2.88

2.95

3.02

3.10

3.18

3.26

3.34

3.42

3.51

3.59

3.68

3.78

——

—15

.45

15.8

416

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16.6

417

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17.4

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18.3

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19.3

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20.2

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22.3

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25.9

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27.2

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28.6

5—

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23.9

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25.2

125

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26.4

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27.8

228

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29.2

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30.7

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32.2

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35.6

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37.4

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39.3

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41.3

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12.2

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13.5

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5.78

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6.07

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——

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28.8

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2.62

2.69

2.76

2.83

2.90

2.97

3.04

3.12

3.20

3.28

3.36

3.44

3.53

3.62

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4.09

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tpa

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tpa

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tpa

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tpa

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tpa

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tpa

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92–9

319

93–9

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94–9

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95–9

619

96–9

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97–9

819

98–9

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120

01–0

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02–0

320

03–0

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OV

——

——

——

——

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871.

941.

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PC

T29

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——

——

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003.

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15H

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hT

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verh

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0.14

3.11

3.18

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lth

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37.0

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——

——

——

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hG

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32.0

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173.

25H

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14.1

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——

——

——

—0.

651.

72H

ealt

hT

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ingt

onN

HS

Tru

st31

.90

OV

——

——

——

——

——

——

——

Hea

lth

Uni

vers

ity

Hos

pita

lsC

oven

try

&W

arw

icks

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NH

S37

8.90

OV

——

——

——

——

——

——

——

Tru

stH

ealt

hB

rent

PC

T21

.00

OV

——

——

——

——

——

——

—2.

84H

ealt

hSa

ndw

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tB

irm

ingh

amH

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26.1

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——

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——

——

——

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&D

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500.

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109.

60O

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&So

uth

Hum

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12.1

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——

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——

——

——

——

1.64

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lth

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312.

20O

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——

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——

——

——

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ire

Hos

pita

lsN

HS

Tru

st30

.10

OV

——

——

——

——

——

——

—2.

61H

ealt

hN

orth

Wes

tL

ondo

nH

ospi

tals

NH

ST

rust

69.3

0O

V—

——

——

——

——

——

——

3.53

Hea

lth

Oxf

ord

Rad

cliV

eH

ospi

tals

NH

ST

rust

134.

00O

V—

——

——

——

——

——

——

—H

ealt

h”B

arki

ng,H

aver

ing

&R

edbr

idge

NH

ST

rust

”23

8.00

OV

——

——

——

——

——

——

——

Hea

lth

New

ham

Hea

lthc

are

NH

ST

rust

52.1

0O

V—

——

——

——

——

——

——

—H

ealt

hL

eeds

Tea

chin

gH

ospi

tals

NH

ST

rust

265.

20O

V—

——

——

——

——

——

——

—H

ealt

hA

von

&W

este

rnW

iltsh

ire

MH

NH

ST

rust

83.0

0O

V—

——

——

——

——

——

——

—H

ealt

hSa

lisbu

ryH

ealt

hC

are

NH

ST

rust

24.1

0O

V—

——

——

——

——

——

——

0.41

Hea

lth

Kir

klee

sP

CT

25.0

0O

V—

——

——

——

——

——

——

1.06

Hea

lth

Wan

dsw

orth

PC

T75

.40

OV

——

——

——

——

——

——

—H

ealt

h”N

orth

umbe

rlan

d,T

yne

&W

ear

NH

ST

rust

”31

.00

OV

——

——

——

——

——

——

—0.

42H

ealt

hB

ucki

ngha

msh

ire

Hos

pita

lsN

HS

Tru

st46

.60

OV

——

——

——

——

——

——

——

Hea

lth

Bri

ghto

n&

Suss

exU

nive

rsit

yH

ospi

tals

NH

ST

rust

36.0

0O

V—

——

——

——

——

——

——

—H

ealt

hL

ewis

ham

Hos

pita

lNH

ST

rust

51.0

0O

V—

——

——

——

——

——

——

—H

ealt

hC

ambr

idge

Uni

vers

ity

Hos

pita

lsN

HS

Fou

ndat

ion

76.0

0O

V—

——

——

——

——

——

——

—T

rust

Hea

lth

Ham

pshi

reP

CT

36.0

0O

V—

——

——

——

——

——

——

—H

ealt

hK

ings

ton

Hos

pita

lNH

ST

rust

27.6

0O

V—

——

——

——

——

——

——

—H

ealt

hSh

eYel

dT

each

ing

Hos

pita

lsN

HS

Fou

ndat

ion

Tru

st30

.00

OV

——

——

——

——

——

——

——

Hea

lth

Cen

tral

Man

ches

ter

&M

anch

este

rC

hild

ren’

s42

0.00

OV

——

——

——

——

——

——

——

Uni

vers

ity

Hos

pita

lsN

HS

Tru

stH

ealt

hN

otti

ngha

msh

ire

Hea

lthc

are

NH

ST

rust

18.7

0O

V—

——

——

——

——

——

——

—H

ealt

hN

orth

ampt

onsh

ireT

each

ing

PC

T28

.20

OV

——

——

——

——

——

——

——

Hea

lth

New

cast

leup

onT

yne

Hos

pita

ls29

8.60

OV

——

——

——

——

——

——

——

Hea

lth

Sher

woo

dF

ores

tH

ospi

tals

NH

ST

rust

296.

00O

V—

——

——

——

——

——

——

—H

ealt

hN

orth

gate

&P

rudh

oe—

Neu

roD

isab

ility

Cen

tre

24.0

0O

V—

——

——

——

——

——

——

—



Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

Est

imat

edE

stim

ated

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

unit

ary

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

char

gech

arge

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

2.04

2.09

2.14

2.20

2.25

2.31

2.37

2.43

2.49

2.55

2.61

2.68

2.74

2.81

2.88

2.95

3.03

3.10

3.18

3.26

3.34

3.43

3.51

3.60

3.69

3.78

3.88

3.97

3.23

3.31

3.39

3.48

3.57

3.66

3.75

3.84

3.94

4.03

4.14

4.24

4.34

4.45

4.56

4.68

4.80

4.92

5.04

5.16

5.29

5.43

5.56

5.70

5.84

5.99

6.14

6.29

3.26

3.34

3.43

3.51

3.60

3.69

3.78

3.88

3.98

4.07

4.18

4.28

4.39

4.50

4.61

4.73

4.84

4.96

5.09

5.22

5.35

5.48

5.62

5.76

5.90

6.05

6.20

6.36

4.36

4.47

4.58

4.69

4.81

4.93

5.05

5.18

5.31

5.44

5.58

5.72

5.86

6.01

6.16

6.31

6.47

6.63

6.80

6.97

7.14

7.32

7.50

7.69

7.88

8.08

8.28

8.49

3.40

3.48

3.57

3.66

3.75

3.84

3.94

4.04

4.14

4.24

4.35

4.46

4.57

4.68

4.80

4.92

5.04

5.17

5.30

5.43

5.56

5.70

5.85

5.99

6.14

6.30

6.45

6.61

2.18

2.23

2.29

2.34

2.40

2.46

2.52

2.59

2.65

2.72

2.79

2.86

2.93

3.00

3.08

3.15

3.23

3.31

3.40

3.48

3.57

3.66

3.75

3.84

3.94

4.04

4.14

4.24

1.52

1.56

1.60

1.64

1.68

1.72

1.76

1.81

1.85

1.90

1.95

2.00

2.05

2.10

2.15

2.20

2.26

2.32

2.37

2.43

2.49

2.56

2.62

2.69

2.75

2.82

2.89

2.96

3.33

3.41

3.50

3.58

3.67

3.76

3.86

3.95

4.05

4.16

4.26

4.37

4.47

4.59

4.70

4.82

4.94

5.06

5.19

5.32

5.45

5.59

5.73

5.87

6.02

6.17

6.32

6.48

1.76

1.80

1.85

1.90

1.94

1.99

2.04

2.09

2.14

2.20

2.25

2.31

2.37

2.43

2.49

2.55

2.61

2.68

2.74

2.81

2.88

2.96

3.03

3.11

3.18

3.26

3.34

3.43

0.16

3.78

3.88

3.97

4.07

4.17

4.28

4.39

4.50

4.61

4.72

4.84

4.96

5.09

5.21

5.34

5.48

5.61

5.76

5.90

6.05

6.20

6.35

6.51

6.67

6.84

7.01

7.19

53.9

355

.27

56.6

658

.07

59.5

261

.01

62.5

464

.10

65.7

067

.35

69.0

370

.76

72.5

274

.34

76.2

078

.10

80.0

582

.05

84.1

186

.21

88.3

690

.57

92.8

495

.16

97.5

499

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102.

4810

5.04

2.91

2.98

3.06

3.13

3.21

3.29

3.37

3.46

3.54

3.63

3.72

3.82

3.91

4.01

4.11

4.21

4.32

4.42

4.54

4.65

4.76

4.88

5.01

5.13

5.26

5.39

5.53

5.66

3.23

3.31

3.40

3.48

3.57

3.66

3.75

3.84

3.94

4.04

4.14

4.24

4.35

4.46

4.57

4.68

4.80

4.92

5.04

5.17

5.30

5.43

5.57

5.70

5.85

5.99

6.14

6.30

0.77

0.79

0.81

0.83

0.86

0.88

0.90

0.92

0.94

0.97

0.99

1.02

1.04

1.07

1.09

1.12

1.15

1.18

1.21

1.24

1.27

1.30

1.33

1.37

1.40

1.44

1.47

1.51

8.45

11.2

711

.55

11.8

412

.13

12.4

412

.75

13.0

713

.39

13.7

314

.07

14.4

214

.78

15.1

515

.53

15.9

216

.32

16.7

317

.14

17.5

718

.01

18.4

618

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19.4

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20.3

820

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21.4

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132.

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49—

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38.9

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40.8

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42.9

444

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45.1

146

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47.4

048

.58

49.8

051

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52.3

253

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54.9

656

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57.7

559

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60.6

762

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63.7

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70.3

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133.

213.

293.

373.

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733.

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114.

214.

324.

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405.

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815.

966.

107.

057.

237.

417.

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787.

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188.

388.

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029.

259.

489.

729.

9610

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10.4

710

.73

11.0

011

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11.5

511

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12.1

412

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12.7

513

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13.4

013

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.84

19.4

619

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20.4

520

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21.4

822

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22.5

723

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23.7

124

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24.9

125

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26.1

726

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27.5

028

.18

28.8

929

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30.3

531

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31.8

932

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33.5

034

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35.2

036

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13.1

731

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32.3

933

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34.0

334

.88

35.7

536

.64

37.5

638

.50

39.4

640

.45

41.4

642

.49

43.5

644

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45.7

646

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48.0

849

.28

50.5

151

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53.0

754

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55.7

657

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58.5

860

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11.2

111

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11.7

712

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12.3

712

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12.9

913

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13.6

513

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14.3

414

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15.0

715

.45

15.8

316

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16.6

317

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17.4

817

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18.3

618

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19.2

919

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20.2

720

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21.2

921

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——

13.3

320

.00

20.5

021

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21.5

422

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22.6

323

.19

23.7

724

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24.9

825

.60

26.2

426

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27.5

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28.9

729

.69

30.4

331

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31.9

732

.77

33.5

934

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35.2

936

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6.26

6.42

6.58

6.74

6.91

7.08

7.26

7.44

7.63

7.82

8.01

8.21

8.42

8.63

8.84

9.06

9.29

9.52

9.76

10.0

110

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10.5

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11.0

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173.

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264.

374.

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122.

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143.

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383.

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733.

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1210

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10.4

610

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10.9

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11.5

411

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12.1

212

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12.7

413

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13.3

813

.72

14.0

614

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14.7

715

.14

15.5

215

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16.3

116

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17.1

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18.0

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18.9

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135.

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246.

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198.

408.

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5510

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10.5

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11.0

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11.6

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12.2

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12.8

113

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13.4

613

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14.1

414

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14.8

615

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15.6

116

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16.4

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17.2

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19.0

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104.

204.

304.

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524.

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125.

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396.

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11.4

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12.0

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12.6

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13.2

613

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13.9

314

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14.6

315

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1.07

2.56

2.62

2.69

2.75

2.82

2.89

2.97

3.04

3.12

3.19

3.27

3.36

3.44

3.53

3.61

3.70

3.80

3.89

3.99

4.09

4.19

4.30

4.40

4.51

4.63

4.74

4.86

——

29.5

949

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50.5

551

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53.1

154

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55.8

057

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58.6

260

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61.5

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64.7

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67.9

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71.4

373

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75.0

476

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78.8

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82.8

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87.0

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0.37

2.24

2.30

2.36

2.42

2.48

2.54

2.60

2.67

2.73

2.80

2.87

2.94

3.02

3.09

3.17

3.25

3.33

3.41

3.50

3.59

3.68

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2.10

2.15

2.21

2.26

2.32

2.38

2.43

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2.56

2.62

2.69

2.75



Act

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02–0

320

03–0

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129.

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1,00

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91—



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2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

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m)

(£m

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(£m

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(£m

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(£m

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(£m

)(£

m)

(£m

)(£

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(£m

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m)

(£m

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m)

(£m

)(£

m)

——

15.7

216

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16.5

116

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17.3

517

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18.2

318

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19.1

519

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20.1

220

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21.1

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22.2

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23.3

323

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24.5

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25.7

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27.0

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28.4

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——

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45.3

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3.05

3.09

3.14

3.18

3.23

3.27

3.32

3.37

3.42

3.47

3.53

3.58

3.64

3.70

3.76

3.82

3.89

3.95

4.02

4.09

4.16

——

4.05

4.15

4.25

4.36

4.47

4.58

4.70

4.81

4.93

5.06

5.18

5.31

5.45

5.58

5.72

5.86

6.01

6.16

6.32

6.47

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paym

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paym

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paym

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2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

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2030

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2031

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2032

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2.22

2.49

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3.61

3.81

3.86

3.91

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4.11

4.16

4.22

4.27

4.32

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7.28

7.38

7.48

7.57

7.76

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8.73

8.68

8.62

8.56

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3.38

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3.47

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2011

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2015

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2016

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2017

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2018

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2019

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2020

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2009

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2010

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2011

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2012

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2013

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2014

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2015

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2016

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2017

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2018

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2019

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2020

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2021

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2022

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110.

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90.0

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66.7

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74.3

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Mid

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PP

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50.0

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——

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tish

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——

——

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Scot

tish

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s83

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OV

——

——

——

——

——

——

——

Scot

tish

Exe

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ncil

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usSc

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76.2

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ing

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OV

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Scot

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otti

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nger

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PP

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——

——

——

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ay60

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ent

2006

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——

——

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——

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tive

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llN

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——

——

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——

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——

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——

——

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——

——

——

——

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——

——

——

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——

——

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——

——

——

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——

——

——

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——

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——

——

——

——

——

——

——

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tish

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cuti

veN

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hian

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——

——

——

——

——

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——

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——

——

——

——

——

——

——

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——

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tre

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——

——

——

——

——

——

——

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veN

HS

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vers

ity

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mal

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——

——

——

——

——

——

——

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hian

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ley

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——

——

——

——

——

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——

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ern

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ical

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OV

——

——

——

——

——

——

——

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cuti

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uth

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——

——

——

——

——

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——

——

——

——

——

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ng&

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——

——

——

——

——

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——

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——

——

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——

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——

——

——

——

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——

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paym

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paym

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paym

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paym

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paym

ent

paym

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paym

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paym

ent

paym

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paym

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paym

ent

paym

ent

paym

ent

paym

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paym

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paym

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paym

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paym

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paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

paym

ent

2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

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(£m

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(£m

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(£m

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(£m

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(£m

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(£m

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(£m

)(£

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5.52

5.66

5.71

5.77

5.83

5.88

5.94

6.00

6.06

6.12

6.19

6.25

6.31

6.37

6.44

6.50

6.57

6.63

6.70

6.76

6.83

6.90

6.97

7.04

4.65

——

—1.

836.

407.

117.

087.

107.

177.

197.

087.

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177.

247.

197.

056.

887.

047.

347.

297.

077.

067.

297.

577.

807.

807.

677.

146.

751.

67—

3.37

3.53

3.58

3.64

3.69

3.75

3.81

3.87

3.93

3.99

4.06

4.13

4.20

4.27

4.34

4.41

4.49

4.57

4.64

4.73

4.81

4.90

4.98

5.07

5.17

5.26

5.36

5.46

4.98

5.03

5.08

5.14

5.19

5.25

5.31

5.37

5.43

5.49

5.56

5.62

5.69

5.76

5.83

5.91

5.98

6.06

6.14

6.22

6.30

6.38

6.47

6.56

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4.61

8.14

8.98

9.20

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9.41

9.52

9.63

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1.47

1.51

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1.58

1.62

1.66

1.70

1.75

1.79

1.83

1.88

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760.

780.

800.

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——

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3.17

3.21

3.26

3.30

3.35

3.40

3.45

3.50

3.55

3.61

3.66

3.72

3.78

3.84

3.90

3.96

4.03

4.09

4.16

4.23

4.30

4.37

——

——

——

9.91

9.73

9.56

9.40

9.26

9.13

9.00

8.89

8.79

8.70

8.62

8.56

8.50

8.45

8.40

8.37

8.35

8.33

8.33

8.33

8.34

8.36

8.39

8.42

8.47

3.21

——

6.78

6.86

6.90

6.95

6.99

7.04

7.09

7.13

7.18

7.23

7.29

7.34

7.39

7.45

7.50

7.56

7.62

7.67

7.73

7.80

7.86

7.92

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0.67

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242.

252.

272.

282.

302.

322.

342.

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372.

392.

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482.

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542.

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572.

592.

612.

632.

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11—

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1.67

1.68

1.71

1.73

1.76

1.78

1.81

1.83

1.86

1.89

1.91

1.94

1.97

2.00

2.02

2.05

2.08

2.11

2.14

2.17

2.20

2.24

2.27

2.30

2.33

2.37

2.40

1.01

7.59

8.09

8.23

8.04

8.06

8.58

8.63

8.75

8.26

8.47

10.1

411

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11.4

210

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10.0

911

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11.3

411

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9.66

9.50

——

——

——

——

5.92

9.30

8.23

8.33

8.43

8.53

8.32

8.10

8.20

8.31

8.42

8.53

8.64

8.76

8.88

9.01

9.13

9.26

9.39

9.53

9.67

9.03

9.16

9.30

9.44

9.59

——

2.77

3.14

3.11

3.08

3.05

3.04

3.01

2.99

2.98

2.98

2.96

2.96

2.96

2.97

2.96

2.97

2.98

3.00

3.01

3.03

3.05

3.09

3.10

3.13

3.17

3.21

3.24

3.28



Act

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2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

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m)

(£m

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m)

(£m

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(£m

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(£m

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(£m

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(£m

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(£m

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(£m

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2.21

2.24

2.26

2.29

2.31

2.34

2.37

2.39

2.42

2.45

2.48

2.51

2.55

2.58

2.61

2.65

2.68

2.72

2.76

2.79

2.83

2.87

2.91

2.95

3.00

3.04

3.09

3.13

4.75

4.68

4.61

4.54

4.49

4.43

4.38

4.34

4.30

4.27

4.24

4.22

4.20

4.19

4.18

4.17

4.17

4.18

4.18

4.19

4.21

4.23

4.25

4.28

2.50

——

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char

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char

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char

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char

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char

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char

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paym

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paym

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paym

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paym

ent

paym

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paym

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paym

ent

2006

–07

2007

–08

2008

–09

2009

–10

2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

–18

2018

–19

2019

–20

2020

–21

2021

–22

2022

–23

2023

–24

2024

–25

2025

–26

2026

–27

2027

–28

2028

–29

2029

–30

2030

–31

2031

–32

2032

–33

2033

–34

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

)(£

m)

(£m

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m)

(£m

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m)

(£m

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(£m

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m)

(£m

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m)

(£m

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m)

3.90

3.94

3.99

4.03

4.08

4.13

4.18

4.23

4.28

4.33

4.39

4.44

4.50

4.56

4.62

4.68

4.75

4.81

4.88

4.95

5.02

5.10

——

——

——

0.13

1.15

4.77

5.51

5.57

5.63

5.68

5.74

5.80

5.86

5.93

5.99

6.06

6.13

6.20

6.27

6.34

6.42

6.49

6.57

6.65

6.74

6.82

6.91

7.00

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2.39

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903.

933.

963.

994.

034.

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134.

164.

204.

244.

284.

314.

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814.

864.

91—

—1.

171.

171.

181.

191.

201.

211.

211.

221.

231.

241.

251.

261.

271.

271.

281.

291.

301.

311.

321.

331.

34—

——

——

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2.81

3.03

3.21

3.24

3.38

3.49

3.52

3.56

3.61

3.65

3.69

3.74

3.78

3.83

3.87

3.92

3.97

4.02

4.08

4.13

4.19

4.24

4.30

1.81

——

——

13.4

716

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21.9

623

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23.6

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24.1

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24.7

225

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25.2

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25.8

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26.5

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27.1

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28.5

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29.3

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30.1

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31.0

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2.04

2.09

2.08

2.10

2.13

2.15

2.18

2.20

2.23

2.25

2.28

2.31

2.34

2.37

2.40

2.43

2.46

2.49

2.53

2.56

2.60

0.88

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2.07

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16.7

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16.7

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16.7

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16.7

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16.7

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16.7

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16.7

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16.7

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16.7

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14.

16—

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927.

257.

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798.

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67—

2.84

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189.

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112.

122.

142.

152.

162.

182.

192.

212.

222.

242.

262.

272.

292.

302.

32—

——

——

——

——

2.69

2.75

2.82

2.89

2.96

3.03

3.11

3.19

3.26

3.35

3.43

3.52

3.60

3.69

3.79

3.88

3.98

4.08

4.18

4.28

4.39

4.50

4.61

4.73

4.85

4.97

5.09

—3.

847.

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787.

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927.

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118.

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979.

03—

2.85

2.90

2.94

2.99

3.04

3.09

2.98

3.03

3.08

3.13

3.18

3.24

3.29

3.35

3.41

3.46

3.52

3.59

3.65

3.71

3.78

3.84

3.91

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0.76

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99—

9.58

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37—

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80—

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33—

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3.50

3.54

3.59

3.63

3.68

3.73

3.78

3.83

3.89

3.94

4.00

4.05

4.11

4.17

4.23

4.30

4.36

4.43

4.49

4.56

4.64

4.71

4.78

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1.90

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346.

746.

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198.

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70—

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216.

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60—

——

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1.70

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1.79

1.84

1.88

1.93

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2.03

2.08

2.13

2.18

2.24

2.29

2.35

2.41

2.47

2.53

2.59

2.66

2.73

2.79

2.86

1.22

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19.5

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2.39

2.44

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2.53

2.58

2.63

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2.78

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3.00

3.06

3.12

3.19

3.25

3.31

3.38

3.45

3.52

1.73

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3.93

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32—

2.69

2.75

2.78

2.81

2.85

2.88

2.91

2.95

2.99

3.02

3.06

3.10

3.14

3.18

3.22

3.26

3.31

3.35

3.40

3.44

3.49

3.54

3.59

3.64

3.70

3.75

——

3.38

9.10

9.20

9.30

9.39

9.38

9.14

9.23

9.33

9.42

9.52

9.61

9.70

9.80

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2.05

2.11

2.16

2.21

2.27

2.32

2.38

2.44

2.50

2.57

2.63

2.70

2.76

2.83

2.90

1.74

——

——

——

11.5

912

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55—

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1.89

1.92

1.94

1.96

1.98

2.01

2.03

2.06

2.08

2.11

2.14

2.17

2.20

2.22

2.26

2.29

2.32

2.35

2.39

2.42

2.46

2.49

——

——

——

8.60

8.84

8.68

8.56

8.43

8.30

8.19

8.09

8.00

7.94

7.83

7.76

7.69

7.64

7.59

7.54

7.51

7.48

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7.45

7.44

7.44

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2.66

2.66

2.63

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2.60

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2.77

2.79

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51—

——

3.65

8.13

8.20

8.26

8.33

8.39

8.46

8.53

8.59

8.66

8.73

8.80

8.87

8.94

9.01

9.09

9.16

9.23

9.31

9.38

9.46

9.53

9.61

9.69

9.77

9.84

9.92

2.29

2.27

2.24

2.22

2.19

2.18

2.16

2.15

2.13

2.12

2.12

2.11

2.11

2.11

2.11

2.11

2.12

2.13

2.14

2.15

2.16

2.18

2.20

2.22

2.24

2.26

2.29

2.31

——

8.00

8.08

8.16

8.25

8.33

8.42

8.51

8.60

8.70

8.80

8.90

9.00

9.10

9.21

9.32

9.43

9.55

9.67

9.79

9.92

10.0

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10.3

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13.0

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13.2

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3



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2006

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2007

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2008

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2009

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2010

–11

2011

–12

2012

–13

2013

–14

2014

–15

2015

–16

2016

–17

2017

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2018

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2019

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2020

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2021

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2022

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2023

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2024

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2025

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2026

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(£m

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1.15

1.16

1.18

1.20

1.22

1.23

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1.27

1.29

1.31

1.33

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2.66

2.70

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5.28

5.36

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5.69

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4.13

4.19

4.25

4.32

4.38

4.45

4.51

4.58

4.65

4.72

4.79

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3.65

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2.81

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3.18

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3.34

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3.59

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3.78

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4.17

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4.38

4.49

4.60

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5.08

5.21

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1.81

1.85

1.90

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2.15

2.20

2.26

2.31

2.37

2.43

2.49

2.55

2.62

2.68

2.75

2.82

2.89

2.96

3.03

3.11

3.19

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3.35

3.43

3.52

5.82

5.99

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4.70

4.81

4.92

5.03

5.14

5.26

5.38

5.50

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6.02

6.16

6.30

6.44

6.59

6.75

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7.06

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7.39

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7.92

——

——

2.40

2.43

2.45

2.48

2.51

2.54

2.57

2.60

2.63

2.67

2.70

2.73

2.77

2.81

2.84

2.88

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2006

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2007

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2008

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2009

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2010

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2011

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2012

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2013

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2014

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2015

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2016

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2017

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2018

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2019

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2020

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2021

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2022

–23

2023

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2024

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2025

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2026

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2015

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2018

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2019

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2020

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17.2

0



At the hearing on the Governement’s use of consultants, Mr Bacon asked a series of questions relatingto the earlier hearing on PFI refinancing. The reponse to these is as follows:

Private Finance Initiative

1. Can you say whether the number of projects that are PFI projects is commercially confidential or not?

This is public information and is available via the signed deals list on HM Treasury’s public website:http://www.hm-treasury.gov.uk/documents/public–private–partnerships/ppp–pfi–stats.cfm

2. Are the details of those that are on balance sheet commercially confidential?

The balance sheet treatment of PFI projects is not the determinant of whether the project’s details arecommercially confidential.

3. Is it commercially confidential whether a PFI project is on balance sheet?

This information is not commercially confidential.

4. Is the fact that a PFI project is oV balance sheet commercially confidential or not?


5. Is the total amount of cash paid for each project by the authority concerned over the life of the projectcommercially confidential?

At an aggregate level this information is not commercially confidential, however departments may diVerin their ability to provide detailed breakdowns of cash payments due to commercial confidentiality issues.

6. Is the total capital value commercially confidential?


7. Is the length of contract for each PFI project commercially confidential or not?

8. Is the inflation assumption that is used in the project commercially confidential?

9. Is the discount rate that is used in each project commercially confidential?

10. Is the net present value of each project commercially confidential?

11. Is the public sector comparator that is used for each project commercially confidential?

The Treasury does not collect this data centrally. However, it is possible that there may be commercialconfidentiality issues that relate to the information listed.

12. The website signed project list says that the total capital value of the MoD main building is £345 million.The NAO’s report says that it is £746 million. What is the basis of the figure for the total capital value that isused on the PFI signed project list?

Both figures are correct but refer to diVerent measures of value. The total capital value as covered in theTreasury’s signed deals list is defined as “the public sector procuring body’s estimate of the capital value ofthe property the private sector purchases or creates for delivering services under a PFI contract.”

The figure referenced in the NAO report Ministry of Defence: Redevelopment of MOD Main Building isnot the capital value of the project. The £746 million figure refers to the net present value of the entirecontract—eVectively a total of the unitary charges of the project. Unitary charge data not only coversprovisions for the redevelopment or construction of an asset but also provisions for factors such as inflation,other services provided and major refurbishments. As noted in the NAO report:

“In May 2000, MOD let a PFI contract with a net present value of £746 million (at 2000 pricelevels) to a consortium called Modus. The 30-year contract covered the redevelopment of MainBuilding and limited refurbishment and provision of support to other buildings needed toaccommodate staV while redevelopment is undertaken, followed by the provision of maintenanceand facilities management services at Main Building and the Old War OYce until May 2030”.

John KingmanManaging Director, Public Services and Growth DirectorateHM Treasury



Supplementary memorandum submitted by the National Audit OYce

PFI projects which did not supply information requested by the Committee of Public Accounts

1. Missing information on internal rate of returns (IRRs) before and after refinancing

On 11 December 2006, the Committee of Public Accounts held a hearing based on the Comptroller &Auditor General’s report, Update on PFI debt refinancing and the PFI equity market. During the hearing, theCommittee raised the issue highlighted in the C&AG’s report that 16 out of 36 projects had not providedinformationrequestedby theNAOonbehalfof theCommittee in respectof internal ratesof returnbeforeandafter the projects’ refinancing, which would show the benefits investors had derived from the refinancings.

The Committee asked for a list of the projects which had failed to provide this information and their value,and also asked the NAO to continue to seek the missing information in the aftermath of the hearing. Anupdate of the situation as at 28 February 2007 is provided in Figure 1. The National Audit OYce will beplacing this information, and any further information supplied by the projects after 28 February 2007, onits website www.nao.org.uk

Figure 1

POSITION AT 28 FEBRUARY 2007 ON PROJECTS WHICH HAD PREVIOUSLY NOTSUPPLIED IRR INFORMATION REQUESTED BY THE COMMITTEE OF PUBLIC ACCOUNTS

Information now returned (see Figure 2 below)

Value ofproject (capital Previous response provided at

Project Name value £m) publication of C&AG’s Report

1. M1—A1 Link Road (Lofthouse to Bramham) 210 No return2. A30/A35 Exeter to Bere Regis Design Build 76 No return

Finance and Operate (DBFO) contract3. A50/A564 Stoke-Derby Link DBFO contract 21 No return4. North Wiltshire District Council- Property 10 Returned incomplete information

Rationalisation

No return to date but the authority has said that it will be disclosing information



5. Sussex Weald and Downs NHS Trust: 27 No returnGraylingwell Hospital reprovision, Chichester

6. A19 Dishforth to Tyne Tunnel DBFO contract 29 No return7. M40 Denham to Warwick 65 No return

No return but it is unlikely that the authority would have had the information since the private sector didnot share gains with the authority



8. Second Severn Crossing 331‘ No information provided by theHighways Agency on the groundsthat, due to the nature of thetransaction (note 1), it had beenagreed there was no gain to beshared with the government and itwas not able to calculate theprivate sector gains or the IRRinformation requested

9. A69 Carlisle to Newcastle DBFO contract 9 No return10. Hillingdon—Barnhill School 27 No return

Note 1: Following a European Court of Justice ruling imposing VAT on road tolls aVecting the consortium’sability to service its debt, it was agreed the project would be refinanced with no share to the government.



Information has been returned but it appears incorrect and is being investigated further by the NAO



11 Colfox School 13 No return12. Central Scotland Family Quarters, 30 No return

Bannockburn

School projects where it has not been possible to obtain information from either the former investor(Jarvis) or the current investor SMIF but where the NAO would have expected the authority to have theinformation in order to check its share of the refinancing gain



13. Cardinal Heenan (VA) School 8 No return14. Haringey Schools 63 No return15. Brent Jews Free School 9 Returned incomplete information16. Bridlington Schools 26 Returned incomplete information

Figure 2

FURTHER INFORMATION ON IRRS SUPPLIED SINCE PUBLICATION OF C&AG’S REPORT

IRR at contract IRR just before IRR just afterProject award refinancing refinancing

M1-A1 Link Road 17% 25% 33%(Lofthouse to Bramham)

North Wiltshire District Council 13% 13% Note 1property rationalisation

A30/A35 Exeter to Bere Regis DBFO 16% 17% 23%A50/A564 Stoke-Derby Link DBFO 13% 23% 27%

Note 1: This was a small early PFI scheme (capital value £10 million, share capital from Jarvis of £125,000and a refinancing gain of only £0.3 million). Despite these small numbers the project has reported an IRRafter refinancing of 662%. Whilst arithmetically correct, this is a highly unusual situation as this small valuerefinancing occurred early during construction so that subordinated debt of £1.1 million which Jarvis wasdue to lend was not drawn down and outstanding for a full year. This produced a very big eVect on the IRRwhich is very sensitive to the amount and timing of shareholder loans. Had the subordinated debt beenoutstanding for a full year the IRR after refinancing would have reduced to around 80%. For these reasonsthe IRR is not comparable to data in Figure 2 or Appendix 9 of the C&AG’s report.

In addition, the MOD Joint Services Command and StaV College has advised us that, based oninformation it has received from the private sector parties to the deal, the IRR just after refinancing shouldbe 52% and not 31% as the College had disclosed previously prior to the publication of the C&AG’s report.

2. Missing supplementary information

In addition to the main information requested by the Committee of Public Accounts on IRRs referred toabove the following projects had also not provided, when the C&AG’s report was published, at least somedetails of certain supplementary information the PAC had requested on cash flows to investors and the cashprice of the contract. The data which had been supplied was set out in Appendix 9 of the C&AG’s report.We have also continued to request this information from the projects and the progress on obtaining thisinformation is set out in Figure 3 below. The further information which these projects have supplied, orcontinue to supply, subsequent to the publication of the C&AG’s report will be placed on the National AuditOYce website www.nao.org.uk



Figure 3

MISSING SUPPLEMENTARY INFORMATION

All information has now been suppliedValue of project

Project Name (capital value £m)

1. Tube Lines Ltd—London Underground 5,4842. Norwich & Norfolk Health Care NHS Trust 2293. HM Customs & Excise—IT Infrastructure PFI 1564 Bromley NHST—New Hosp 1505 Medium Support Helicopter 1006. Altcourse (Fazakerley) Prison 887. Joint Services Command and StaV College 888 Calderdale Hospital 669. Central Scotland Family Quarters—Bannockburn 3010. DEFRA oYces, Brooklands Avenue, Cambridge 2411 Debden Park School 1512 North Wiltshire District Council—Property 10

Rationalisation

No return to date but the authority has said that it will be disclosing information

Value of projectProject Name (capital value £m)

13. Sussex Weald and Downs NHS Trust— 27Graylingwell Hospital Reprovision, Chichester

14. Dartford and Gravesham Hospital NHS Trust 122

Some information still outstandingValue of project


15. M1—A1 Link Road (Lofthouse to Bramham) 21016. A30/A35 Exeter to Bere Regis DBFO contract 7617. M40 Denham to Warwick 6518. Dovegate (Marchington) Prison 489. Lowdham Grange Prison 3220. Ashfield (Pucklechurch) Prison 3121. A19 Dishforth to Tyne Tunnel DBFO contract 2922. A50/A564 Stoke-Derby Link DBFO contract 2123. Colfox School 1324. Hassockfield 1225. A69 Carlisle to Newcastle DBFO contract 9

Information returned but not in the format requiredValue of project


26. Bridlington Schools 2627. Brent Jews Free School 9



No return but it is unlikely that the authority would have had the informationsince the private sector did not share gains with the authority


28 Second Severn Crossing 331

School projects where it has not been possible to obtain information from eitherthe former investor (Jarvis) or the current investor SMIF


29. Haringey Schools 6330. Hillingdon—Barnhill School 2731. Cardinal Heenan (VA) School 8

The 31 projects referred to above include the 16 projects which, at publication of the C&AG’s report, hadalso not supplied the principal information requested by the PAC on IRRs and a further 15 projects whichhad provided the IRR information but had failed to submit at least some part of the supplementaryinformation.

Comments on the Treasury’s Publication, PFI: Strengthening long term partnerships

1. In March 2006 the Treasury published a report on PFI: strengthening long-term partnerships (“thereport”). This publication set out an update on how the Private Finance Initiative (PFI) is being used acrossgovernment together with various proposed actions by the government to support the PFI’s role indelivering better public services. On 11 December 2006, the Committee of Public Accounts took evidence onthe Comptroller and Auditor General’s report Update on PFI debt refinancing and the PFI equity market(HC1040 2005-06). The Committee asked the National Audit OYce to prepare a note considering theimplications on the work of the Committee, and the way the Committee looks at PFI cases.

2. In the report, the Treasury

— provided background on the Government’s approach to PFI;

— reported back on its research into the performance of over 100 operational projects and identifiedareas for policy development relating to operational issues;

— identified areas in which to improve PFI procurement including retention and development ofprocurement expertise and improved development of projects within the public sector beforelaunch to the market;

— identified some refinements to the use of private finance to further improve its flexibility andtransparency.

In preparing the report the Treasury consulted with the National Audit OYce (NAO) on the NAO’sexperience of the issues to be covered in the report.

A. Operational Projects

3. The research commissioned by Treasury covered more than 100 out of over 500 operational PFIprojects. The report’s results indicated that, based on the results of surveys of the end users of PFI servicessuch as doctors, patients, teachers and pupils, users are satisfied with the services provided in PFI projectswith good overall performance levels, and suYcient confidence in the contracts incentivising as intended.Public sector contract managers reported that 96% of projects were performing at least satisfactorily, andin 89% of projects, public authorities felt that services were being provided in line with the contract or better.The Treasury also found that public sector managers believed the relationships between them and theprivate sector were generally good with the parties displaying a positive and pragmatic approach to thecontract.

4. The reports on service delivery which the Treasury obtained from contract managers are in line withour examinations of PFI projects that have identified very few projects which are not delivering services inline with the contract. One such project was the contract for the National Physical Laboratory on which theCommittee has reported.



5. The Treasury report proposed measures to promote operational and contractual flexibility under thePFI. It is important that these matters are addressed as the majority of the 750 PFI contracts which havebeen let are now in the operational phase. There are risks and challenges in seeking to manage operationaland contractual flexibility. The main issues are :

— PFI contract management experience is being built up in the early contracts that have beenoperational for some years. But with 750 PFI contracts let and further contracts being developed,there is a continuing need to enhance public sector skills in dealing with operational issues. As theTreasury report says, the fragmentation of the portfolio of large and complex projects across manyauthorities limits the opportunities for staV who have built up PFI experience to move from theirexisting projects to similar projects within their existing employer. Their private sectorcounterparts, however, are likely to be working for companies which can draw on a wide rangeof experienced contract management staV. Public sector staV therefore have a particular need fortraining and support in managing PFI contracts to ensure they are not at a disadvantage.

— The NAO has found that 55% of PFI contracts had been changed within a few years of contractletting.1 Dealing with change is inherent in all government activity. PFI contracts therefore needto have flexibility to deal with these changes and the terms of any changes must be capable of beingdemonstrated as being value for money.

— Given that government’s requirements will change, authorities also need to assess the mostappropriate length of contract. Long contracts bring stability in the arrangements for servicedelivery but there can be risks. For example, the Committee was critical of the Norfolk & NorwichUniversity Hospital NHS Trust’s extension of the Norfolk and Norwich Hospital contract to 2037in a situation where it could also be very expensive to the NHS Trust to terminate the contract.

6. The Treasury report’s main proposals in this regard were:

— providing additional support to project teams in the form of an operational taskforce available toadvise on operational issues;

— assessing whether there should be changes to the standard PFI contract to make variationprocedures more flexible and eYcient;

— determining sector specific caps on the length of PFI contracts.

7. All these initiatives seek to help oYcials derive the intended benefits from PFI contracts, while allowingfor requirements to change over time as the nature of public service delivery evolves.

Operational taskforce

8. In response to the growing number of operational projects and the research showing that authoritieswould benefit from the support, the Treasury formed in 2006 an operational taskforce staVed byPartnerships UK. The taskforce is available to respond to requests for advice on operational issues with aspecific helpdesk facility. The taskforce is also developing specific guidance for the public sector in issueskey to operational projects and in November 2006 published guidance on benchmarking and market testing.

9. We will be reporting on the early experience of projects with benchmarking and market testingarrangements in a report we expect to publish by mid-2007. This will provide the Committee with an earlyopportunity to consider the role that benchmarking and market testing plays in PFI projects. Departmentsand their PFI project teams are now able to draw on the new guidance and further support from theTreasury’s operational taskforce when using these processes. The Treasury consulted the NAO in preparingthe guidance and, as part of this consultation, we shared with the Treasury the results of the fieldwork whichwe had been carrying out.

10. In collaboration with OGC, the taskforce is expanding the Gateway review process to incorporateoperational reviews of PFI projects. This involves detailed discussions with both public and private sectorpartners involved in projects, with the primary aim of providing forward looking advice to project teams toimprove performance. In 2006 the taskforce ran seminars for projects in a number of locations and plansto provide other training events for PFI contract management staV.

Contract variations

11. As noted above, there is a strong likelihood that PFI projects will be subject to change. The Treasuryrecognises that PFI contracts will need to adapt to changing requirements. Its research found that 83% ofprojects reported that their contracts always or almost always accurately specify the services currentlyrequired. Whilst this leaves a minority of projects where there may be a gap between what the contractprovides and current needs, the Treasury considers the results of the research as evidence that most contractswere working well in adapting to change, and that the relevant incentives within contracts are working. Atthe same time, the Treasury recognised that if PFI contracts are to continue to adapt to changing publicsector needs during contract periods which may run for 30 or more years, it is important that the contracts

1 Managing the relationship to secure a successful partnership in PFI projects (HC375 2001–02).



are flexible to allow variations to service delivery to be made and that the terms on which these variations aremade can be demonstrated to be value for money. The Treasury will be making amendments to the standardcontract terms to improve their ability to deal with variations.

12. The NAO is collecting data on contract variations which have already been made and this will betaken into account by the Treasury in the revisions to the standard contract clauses and related guidanceon PFI contract variations. The data which the NAO is collecting will form the basis of a report for the PACon contract variations later in 2007.

Caps on the length of contract periods

13. The issue of appropriate length of contract period is a diYcult balance. Authorities need to take intoaccount their current views on the optimal period over which services should be provided, the risks that therequirements for particular services may change over time and the need to manage aVordability (where, ina PFI deal, reducing the contract period generally increases the annual charge).

14. The Treasury will now encourage departments to identify appropriate maximum contract periods fortheir diVerent types of PFI contracts and to use these in future procurements. The Treasury report notedthat contract lengths should be set with reference to value for money factors rather than aVordability—thatis to say, long contracts should not be entered into simply to reduce the annual cost to make the projectaVordable. The Treasury report says that long contracts can oVer value for money in the rightcircumstances—they can incentivise public authorities to think more strategically about the services theyprovide and the whole life costs of maintaining an asset and risk transfer. In other cases however theimportance of these factors may be reduced, by for instance relatively low capital cost elements to theproject.

The NAO will continue to assess the reasonableness of contract periods in any examinations which wecarry out of individual deals.

B. Other Proposed Measures to Ensure the Delivery of Value for Money in PFI Projects

15. In the report, the Treasury proposed to add to some areas of its PFI value for money assessmentguidance, the updated version of which was released in November 2006. The most notable aspect of theupdated guidance is that the Treasury strengthened the test for whether it is appropriate for authorities toinclude “soft services” (services not related to the building infrastructure such as catering, and cleaning) inPFI contracts.

16. The Treasury report provides guidance that departments have the option of not including softservices in a PFI project where they believe their transfer is not required for achieving the overall benefitsof improved service delivery required by the procurer. The assessment of whether soft services are to beincluded is on value for money factors demonstrating how the particular benefits of the chosen procurementroute will be realised, taking into account the particular trade-oVs involved on a case-by-case basis.

17. We agree with the Treasury analysis which shows that a detailed assessment is required to understandthe balance of advantages and disadvantages of soft service inclusion in a particular project. Based on ourexperience of the PFI and other outsourcing markets factors that appear relevant are:

— The case for including soft services in PFI contracts is that the soft service providers will then bea key part of the private sector PFI team and, in a building project, can then contribute to decisionsabout how the building should be designed and how the project should be priced to make the mosteYcient use of soft services.

— The case for excluding soft services from PFI contracts is mainly to test whether better value formoney might be achieved for these services if the services can be recompeted, say every three or fiveyears. There are, however, arrangements whereby the value of soft services can be benchmarked ormarket tested within a PFI contract, usually every five years, which allow authorities to ask for newservice contractors to be appointed if the existing contractors are unable to provide the services onterms which are value for money. If these arrangements, which are in the early stages of being usedby authorities, work eVectively then the ability of authorities to replace contractors within a longterm PFI contract should be similar to what would have arisen if the soft services had beenexcluded from the PFI contract and relet on a series of short term contracts.

18. The NAO is examining the initial experiences of using these arrangements as part of a report to bepublished in the first half of 2007 on the benchmarking and market testing of ongoing services in PFIcontracts. The forthcoming PAC hearing on this report will enable the Committee to consider further theseissues relating to testing the value for money of soft services in PFI contracts.

19. The other area where the Treasury will be adding to its guidance on the assessment of the value formoney of PFI deals includes the consequences for authorities of diVerent financial structures which biddersmay propose. The type of financing structure used (for example whether bond or bank finance is used fordebt finance) can have implications for the authority in terms of how contract variations which the authority



may wish to undertake during the contract period will be funded or implications for seeking to terminatethe contract. The updated value for money guidance November 2006 outlined these issues, with furtherassistance to follow in the Treasury’s update of standard contract terms guidance.

C. Steps to Reduce PFI Procurement Times

20. The Treasury outlined in its report steps aimed at reducing procurement times and costs, withmeasures including those aimed at further improving PFI procurement skills and providing greater support,together with the identification and dissemination of best practice in PFI procurement. In particular, theTreasury report proposes:

— enhancing the capacity of departmental Private Finance Units to ensure they are appropriatelyresourced to support public sector PFI project teams;

— ensuring that public oYcials with experience of complex procurement can be retained anddeployed on projects across the public sector;

— enhancing individual and team procurement skills through formal training;

— requiring procuring authorities to do more work up-front before projects go to the market so as toreduce the risk of time delays through project plans being refined during the procurement process;

— increasing the monitoring and scrutiny of projects, changing how complex projects are approvedand putting in place a mechanisms to identify projects which develop problems during theprocurement;

— developing a best practice PFI project governance model; and

— facilitating the spread of procurement best practice.

21. We agree with the Treasury proposals aimed at reducing PFI procurement times. The NAO report,Improving the tendering process, took a further look at this area of PFI, covering evidence collected sincethe Treasury report was published in March 2006.

22. The NAO published its report, Improving the tendering process (HC149 2006–07), on 8 March2007. The NAO’s examination arose out of concerns expressed by the Committee in 2003 that the tenderingof PFI projects did not follow good practice and was not handled with suYcient skill on the part of the publicsector, with high costs and risks to value for money. In this report we found that key elements of thetendering process had not improved and in some respects had worsened. In particular, tendering times ondeals closed between April 2004 and June 2006 averaged 34 months, no better than the average for projectsthat closed between 2000 and 2003. There have been concerns raised by the private sector that PFI dealstake a long time in the procurement process. Whilst time spent understanding the risks in PFI projects beforecontracts are let has contributed to the avoidance of time and cost overruns in the subsequent delivery ofthe projects we found that many of the reasons for long tendering periods (some of which may relate equallyto conventionally procured projects) could have been avoided or mitigated by the public sector withoutrisking overall value for money.

23. Based on this further evidence the NAO report also recommended that:

— departments should agree with the Treasury appropriate target times for their sector. 18 to 24months would not be unreasonable for many projects although it may be unrealistic forparticularly complex, one-oV PFI deals. Progress should be monitored during procurement, withdepartments taking action if progress suggests target times are likely to be missed.

— in line with the Treasury proposal that projects do more work up-front, authorities should obtaincommitment from all key stakeholders at an early stage, develop better output specifications,establish the aVordability of the project before it is brought to market and again before a preferredbidder is selected, and agree the commercial basis of a deal as well as key aspects of the detaileddesign prior to selecting a preferred bidder.

— The Treasury should consider publishing information on the length of time taken to procureindividual deals to help motivate project teams to achieve shorter tendering times.

— in line with the Treasury proposal that procurement best practice should be spread, departmentsshould identify lessons from recently closed PFI deals, revising guidance and standardspecifications accordingly. They should also ensure that post-project evaluations are completedand the lessons shared. There should be a more co-ordinated and targeted approach to sharinggood practice by central advisory bodies such as the OYce of Government Commerce (OGC),Partnerships UK (PUK), the local advisory body 4Ps and the Treasury Project Review Group witha forum through which authorities can share their experiences and raise queries to complement theexisting PUK helpline.

24. The Committee will be able to consider further these issues relating to PFI procurement at theforthcoming hearing on the NAO report, Improving the PFI tendering process.

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House of Commons Committee of Public Accounts · less competition in the pricing of the equity for new deals. The Treasury should have The Treasury should have a strategy for managing