Magazine article Public Finance

PFI Refinancing Deals 'Falling out of Favour'

Magazine article Public Finance

PFI Refinancing Deals 'Falling out of Favour'

Article excerpt

Fewer Private Finance Initiative deals are being refinanced, suggesting that both public and private sector partners are thinking more carefully about the risks involved, government auditors said last week.

Early refinancing deals attracted much criticism from auditors and the Public Accounts Committee after they brought large profits to the contractor that were not shared with the public sector. Since July 2002, gains have had to be shared equally with the public sector.

The National Audit Office's update report, published on April 21, found that the government had secured £137m from PFI deal refinancing but that there had been little recent activity.

It estimates that a prediction from the Office of Government Commerce in 2002 of £200m in gains to the taxpayer will fall short by up to £90m. …

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