1.1 In the early days of PFI, departments were not encouraged to seek a share of refinancing gains. In part, this reflected the Treasury's desire to encourage the development of the PFI market and its recognition that similar deals overseas did not then usually have contractual arrangements to share refinancing gains. As the PFI market has matured and projects have been successfully implemented this has created opportunities for many early PFI deals to be refinanced as the risks attached to the projects have reduced. In light of emerging experience, and following NAO and PAC concerns in 2000 and 2001 about the lack of sharing of refinancing gains, the OGC has taken the initiative in devising a strategy which has led to a voluntary code launched with the support of the CBI. Under the code, departments will generally seek a 30 per cent share of future refinancing gains on these early deals where the contract does not explicitly provide for a share. If achieved, this will be a considerable improvement over what the contract terms for these deals would have achieved. But there are risks attached to making this voluntary agreement with the private sector work. A good deal of work will be required to gain full benefit from the new arrangements which will need to be utilised in many future refinancing situations.