In general Green Book appraisal guidance and Scottish Executive VfM Guidance for PPPs should be applied. Specifically, the HMT VfM in Refinancing Application Note must be followed. The VfM in Refinancing Application Note is available on the FPU website at www.scotland.gov.uk/ppp. This guidance cross refers to the Government-wide approach to the Refinancing of PPPs / PFIs.
The Code of Conduct, where applicable for older transactions, must also be followed. The Code is included as Annex A to this letter.