The Treasury achieved its objectives

6  Although there were good reasons for holding a funding competition, the full benefits would not be achieved unless the process was well managed by all the parties and their advisers. Before embarking on the competition, the Treasury and Exchequer Partnership signed an agreement that detailed how the competition was to be run and set out the roles that all parties were to play during the competition process. Appropriately qualified advisers were appointed separately by the Treasury and Exchequer Partnership and prospective bidders in the funding competition were provided with clear information. These arrangements facilitated a strong competition in which 19 financial institutions submitted initial offers and six final bidders provided detailed credit terms. In the final outcome, the Treasury achieved its objectives.