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Achieving the best value in refinancing PFI projects: Review of the UK's experience

Feng, F; (2005) Achieving the best value in refinancing PFI projects: Review of the UK's experience. Doctoral thesis , UCL (University College London). Green open access

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Abstract

From the late 1990s, refinancing in PFI has become a significant issue which could not be ignored any more by the British public sector as lots of PFI contractors were 'refinancing' their loans—changing the terms of their borrowings to increase profits significantly. In order to improve Value for Money to tax payers, a series of refinancing policies have been introduced by the British public sector. This report intends to examine the policies being applied at different stage and its results. Not only as a systematical review of refinancing issues for the UK's public sector, this paper also tries to drive guidance for other country's public sectors in relation to refinancing issues if they want to introduce the PFI to the delivery of public services The thesis begins with summarizing UK's refinancing experience by investigating policies being applied during different stages and the rationalities behind these policies. Based on this experience review, elaborate examinations of refinancing then are conducted from the public sector agencies' and debt funders' perspectives, where the theories of risk allocation and risk pricing, game theory and agent theory are utilized. In order to distinguish a way forward, some further issues in financing innovations are also explored. Coming with the findings form interview survey, the paper concludes the experience which could be absorbed by other counties public sector and provides them with valuable recommendations on how to formalize a general guidance on policy making and policy implementation in PFI refinancing. Key words: PFI, refinancing share, private finance, risk pricing, bargaining, funding competition.

Type: Thesis (Doctoral)
Title: Achieving the best value in refinancing PFI projects: Review of the UK's experience
Open access status: An open access version is available from UCL Discovery
Language: English
Additional information: Thesis digitised by ProQuest.
UCL classification: UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Architecture
URI: http://discovery.ucl.ac.uk/id/eprint/1566942
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