Specific key findings:

•  Octagon's investors' internal rate of return more than trebled following the refinancing;

•  this refinancing produced a balance of risks and rewards between the public and private sectors, which even for an early PFI deal is unacceptable;

•  the Trust secured the right to retain only ₤34 million (29 per cent) of the resulting ₤116 million gain;

•  the Trust did not consider the possible impact of the refinancing gains before awarding this PFI contract;

•  following the refinancing, the Trust could have to pay $257 million more if it needs to end this PFI contract early;

•  the Trust agreed to extend the contract by five years to maximise refinancing gains;

•  the Trust is receiving its gains from refinancing over 35 years, whereas the investors took their benefits immediately;

•  this project shows an authority too readily agreeing with refinancing proposals when more robust negotiation could have produced a better outcome;

•  by entering into an early contract in the emerging hospital PFI market, the Trust incurred additional financing costs; and

•  there is no central data on PFI construction cost inflation or the impact of government building programs on public sector building costs.