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Refinancing of early PFI transactions: A code of conduct for approaching refinancing

  • Last modified date:
    14 February 2007
This Code of Conduct sets out the basis upon which individual authorities will approach the refinancing by private sector contracts of early PFI transactions. It is a voluntary Code to enable private sector contractors to share refinancing gain with the public sector on a consistent and equitable basis. There is a requirement that refinancing should be value for money.

This Code applies to all PFI transactions signed up to 30th September 2002.  Refinancing of PFI transactions signed after this date will be subject to the OCG Revised Guidance.  It is expected that as a result of applying the Code, Authorities will generally receive a share of refinancing gain, which is at least equal to a 30% share as determined under OGC Revised Guidance.

NAO reports in 2005 on the refinancing of two early PFI hospital contracts - the Norfolk & Norwich University Hospital and the Darent Valley Hospital - are available below: 

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