The Refinancing of the Norfolk and Norwich PFI Hospital PDF Download
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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102933055
Category : Medical
Languages : en
Pages : 48
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Book Description
The Norfolk and Norwich University Hospital NHS Trust currently pays £38.7 million a year to a private sector consortium, Octagon, for the building and maintaining of a new hospital. This pathfinder PFI contract was entered into in 1998 but in 2003 Octagon was able to refinance their deal and gain £81 million (some of which was shared with the Trust). This report examines whether the large private sector gains indicates some inadequacy in the initial PFI deal and how the price the Trust is paying compares to current PFI hospital deals. The overall findings were that Trust continues to pay a premium on financing costs compared to current deals and it might have improved the original deal with greater competition and better defined requirements. However the Trust believes it gained benefit from the early provision of facilities in a deal that had previously been assessed as good value for money.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102933055
Category : Medical
Languages : en
Pages : 48
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Book Description
The Norfolk and Norwich University Hospital NHS Trust currently pays £38.7 million a year to a private sector consortium, Octagon, for the building and maintaining of a new hospital. This pathfinder PFI contract was entered into in 1998 but in 2003 Octagon was able to refinance their deal and gain £81 million (some of which was shared with the Trust). This report examines whether the large private sector gains indicates some inadequacy in the initial PFI deal and how the price the Trust is paying compares to current PFI hospital deals. The overall findings were that Trust continues to pay a premium on financing costs compared to current deals and it might have improved the original deal with greater competition and better defined requirements. However the Trust believes it gained benefit from the early provision of facilities in a deal that had previously been assessed as good value for money.
Author: Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215028549
Category : Medical
Languages : en
Pages : 47
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Book Description
In 1998 the Norfolk & Norwich University Hospital NHS Trust (the Trust) let one of the first PFI hospital contracts to a private sector consortium, Octagon. In 2003, two years after the new hospital opened, Octagon refinanced the project. The total refinancing gain was £116 million. £82 million of the gain was retained by Octagon increasing its investors' internal rate of return, which it had said would be 19 per cent when it bid for the contract, to 60 per cent. There was no contractual arrangement to share in refinancing gains, but the Trust negotiated to receive £34 million of the gains (29 per cent, far below the normal 50:50 basis common in new PFI contracts). To maximise the refinancing gains, the Trust agreed to extend the minimum period of its PFI contract by five years to 2037, but the Committee feels it need not have incurred the risks of extending the contract. The Trust's liabilities could now also include all the additional borrowings by Octagon, and it could have to pay up to £257 million more if it needs to end this PFI contract early. This refinancing has produced a balance of risks and rewards between the public and private sectors which, even for an early PFI deal, is unacceptable. The Committee concludes that the consortium's dealings with the public sector have shown the unacceptable face of capitalism.
Author: Great Britain. Parliament House of Commons. Committee of Public Accounts
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
Author: Hongkong and Shanghai Banking Corporation
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937575
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
Findings from this NAO report include that the government has secured gains of £137 million from Private Finance Initiative (PFI) debt refinancings under new arrangements introduced by the Treasury in 2002 (including £102 million from four large refinancings (one of the London Underground contracts and three hospital projects: Norfolk and Norwich, Darent Valley and Bromley). The NAO found that the new sharing arrangements through a voluntary Code appear to be generally working well but there have been exceptions, for example in three road projects the public sector missed out on at least £1.7 million because gains were not shared in accordance with the voluntary code. The report also describes the emergence of the PFI secondary market which is enabling equity investors in PFI projects to sell their shares on to new investors.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937699
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
In 1998, the Department of Trade and Industry (DTI) and Laser, a special purpose company jointly owned by Serco Group plc and John Laing plc, signed a 25-year long Private Finance Initiative (PFI) contract. Laser would build and manage new facilities for the National Physical Laboratory (NPL), comprising 16 linked modules, containing over 400 laboratories, and replacing many existing buildings. The planned cost of the new buildings was approximately £96 million. The DTI would pay Laser a unitary charge, of £11.5 million (1998 prices) a year once the new buildings were ready, the charge increasing annually based on the increase in retail prices. The project suffered considerable construction delays and difficulties in achieving the specification for some parts of the buildings, mainly due to deficient design. In December 2004, it was agreed to terminate the PFI contract. The DTI paid Laser £75 million for its interest in the new buildings. This was the first termination of a major PFI contract involving serious non-performance. This report examines the problems that led to the termination, why these problems arose, how the Department managed them and the value for money consequences of the termination. The report finds that the DTI successfully transferred risk in the PFI contract to the private sector, but that the project risks could have been reduced with firmer control and better communication. Up to and including the termination, the Department's investment in the new facilities was about £122 million (March 2005 prices). In return, the Department secured an asset valued at £85 million and for which all but eight of more than 400 laboratories should be capable of being made to meet its specification in full. The private sector reported a loss of at least £100 million.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102938016
Category : Law
Languages : en
Pages : 52
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Book Description
Fines are the most common sentence imposed by Magistrates' courts in England and Wales, covering a range of crimes including motoring offences, drug offences, criminal damage and TV licence evasion. In the year 2004-05, penalties totalling £352 million were imposed, with £75 million cancelled and £222 million collected. Following on from an earlier report (HCP 672, session 2001-02, ISBN 0102914508) published in 2002, the NAO has examined whether the changes made in practices and procedures have resulted in improvements to the enforcement and collections of fines. It is estimated that a 25 per cent reduction in the number of legally cancelled fines would result in potential savings of £6.9 million per year and prompter payment of fines would yield further annual savings of almost one million pounds. Although a series of measures have been introduced by the Department for Constitutional Affairs to improve the system, over two thirds of the cases examined required enforcement action before the offender made any payments. A number of recommendations for further improvements are made, including in relation to developing performance indicators; prompter collection of fines, including making payment facilities (including cash) available at each court; focusing staff resource allocation on the early stages of enforcement; and addressing IT problems caused by the delay of the Libra system
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102938121
Category : Technology & Engineering
Languages : en
Pages : 48
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Book Description
This report is one of a series of studies by the NAO which examine key factors involved in improving project performance in defence equipment procurement, with the aim of establishing best practice in relation to a theoretical 'gold standard' developed by assessing and comparing results of overseas and commercial operations. Following on from the first report in the series (HCP 30, session 2005-06, ISBN 0102932611) which identified the contract as a key component of project control, this report sets out recommendations on how the Ministry of Defence and its industry partners can best use the contract to maximise the likelihood of successful project outcomes. (It does not examine methods (competitive or otherwise) the MoD might pursue to select a potential supplier, as the effective use of competition will be the subject of a future report). More information on the evidence underlying the recommendations in this report and the gold standard criteria developed can be found on the website: www.naodefencevfm.org
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102938024
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
The value of internet sales (known as e-commerce) in the UK has more than trebled between 2002 and 2004 to £18.1 billion, with a further surge around Christmas 2005, and this level is expected to rise to nearly £60 billion a year by 2010. It is estimated that in 2005-06 HM Revenue and Customs collected over £1 billion in VAT on e-commerce goods and services. HM Revenue and Customs does not separately identify the exact amount of VAT collected from e-commerce because businesses are required to calculate and pay over VAT for their entire taxable activities, which include both traditional forms of business and e-commerce. In light of these developments, this NAO report examines the implications of the growth in e-commerce for VAT collection and the approach of HM Revenue and Customs to VAT collection. The report finds that HM Revenue and Customs has been alert to emerging areas of risk, such as the failure of e-commerce businesses to register for VAT and the non-payment or underpayment of import VAT on goods ordered over the internet from outside the EU. The report supports the assessment by HM Revenue and Customs that the overall risk to VAT revenue from on-line shopping is currently low, but as activity increases in this fast changing environment, it will be important that the Department builds on its work to keep abreast of possible changes in the patterns and levels of risk to VAT.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102939316
Category : Medical
Languages : en
Pages : 102
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Book Description
Includes booklet 'Good practice in managing the use of temporary nursing staff' (39 p., 21 cm) on inside back cover.
