2.16 One of the roles of the advisers was to structure and manage the competition to ensure that the process was efficient and generated maximum interest. It is clear that the funding competition for the Treasury project was well managed, with decisions being taken in a timely manner and pertinent information provided to all relevant parties. The management of the competition was assisted by the fact that a decision to proceed was taken at the same time as the decision to re-open negotiations with Exchequer Partnership.
2.17 In future, a department should keep its options open as to whether the financing should be derived from a committed funder or from a competition. However, all parties and their advisers should take the necessary steps to ensure that, if a decision is made to run a funding competition, it can take place in an efficient and timely manner. The prospect of a funding competition will influence a bidder's choice of advisers and the terms under which financiers may be invited into a consortium.