2.19 The refinancing taskforce was established in 2002. It was set up to monitor and implement the Code of Conduct on the Refinancing of Early PFI Transactions7 and previously was operated by Partnerships UK on behalf of HM Treasury.
2.20 Infrastructure UK will continue to provide refinancing support, offering advice to departments and to ensure they make good value for money decisions when considering and implementing the refinancing of their projects. Specifically the role will include:
• Monitoring refinancing activity and maintaining a record of all refinancing and the gainshare accruing to the public sector;
• Gathering information from market participants on trends in refinancing;
• Ensuring that refinancing of early PFI deals complies with the Code of Conduct; and
• Providing guidance and support to authorities planning or involved in refinancings, including interpretation of HM Treasury's application note on value for money in refinancing.
2.21 The refinancing arrangements set out in SoPC4 were amended in October 2008 and again in April 2009. The amendments introduced a sliding gainshare scale, rising to a 70% share above a refinancing gain of £3m, and the right for an Authority to request a refinancing. The April 2009 addendum remains the current policy position.8
2.22 The April 2009 refinancing addendum should be read in conjunction with SoPC4, the Application Note: Value for Money in Refinancing February 20059 and the Guidance Note: Calculation of the Authority's Share of a Refinancing Gain.10
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7 http://www.hm-treasury.gov.uk/d/PPP_Refinancing_Code_of_Conduct.pdf
8 http://www.hm-treasury.gov.uk/d/sopc_4_addendum_apr09.pdf
9 http://www.hm-treasury.gov.uk/d/application_note_value_for_money_280205.pdf
10 http://www.hm-treasury.gov.uk/d/pfi_refinancingguidance21307.pdf