The study team has estimated the direct loss to the taxpayer as a result of Metronet going into administration, and provided an indication of the return on investment of Metronet's lenders and equity holders (See Appendix 2 and Appendix 3, respectively). This analysis used the following sources of data:
■ Metronet BCV and SSL, and related companies annual reports and accounts 2004 to 2006
■ Trans4m annual reports and accounts 2004 to 2007
■ Shareholder annual reports and accounts 2004 to 2008
■ Metronet BCV and SSL Annual Asset Management Plans 2004-05 to 2007-08
■ NAE 60 c - Metronet BCV and SSL financial model from 2002