Before our previous refinancing report, departments had generally not sought a share of refinancing benefits

1.6  Early central guidance did not encourage departments to seek a share of refinancing benefits. Our report on the refinancing of the Fazakerley prison contract, and the subsequent PAC report, together with emerging experience, gave the public sector a more detailed awareness of refinancing issues and highlighted the significant gains that can arise from refinancings. Our current work confirms that only one in four of early PFI contracts have clear arrangements to share refinancing benefits.