Senior debt finance will in future be subject to competitive selection open to the oversight of the Authority on the following basis:
■ a PBDFC will take place in every instance above an interim threshold of £50m;
■ an Authority will state its requirements in the Invitation to Bid/Invitation to Partake in Dialogue;
■ a PBDFC will be run by the PB with Authority oversight sufficient to ensure that the objectives in Section 4 are satisfied;
■ a PBDFC should meet the requirements set out in Section 9;
■ projects with a capital value over £500m (large projects) should in all circumstances undertake a PBDFC;
■ an Authority, in consultation with its departmental PFU, may decided not to run a PBDFC if it believes that the costs will outweigh the benefits.