1.14 The PAC survey in July 2000 found that 24 per cent of contracts at that time had arrangements to share refinancing gains. A November 2000 NAO survey6 found only 15 per cent with sharing arrangements (a lower percentage because the sample was biased towards early contracts that had been let for over a year).
1.15 Our current survey confirms the findings of the previous surveys. This found 26 per cent of contracts let before the NAO report in June 2000 had a sharing arrangement. Only half of these (13 per cent) would always require the authority's approval for a refinancing, with an agreed basis for sharing refinancing gains. The level of deals with sharing mechanisms began to rise after the standard contract terms were issued in 1999.7
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6 Managing the relationship to secure a successful partnership in PFI projects (HC 375 2001-02).
7 As reflected in Figure 12, page 25.