1.28 This new code, and the extent to which it proves effective, will be very important to the public sector's ability to share in the benefits of refinancing. Despite the fact that new contracts are now required to include arrangements to share refinancing gains, the majority of contracts which have been let since the beginning of the PFI do not have these contractual sharing arrangements. 61 per cent of the contracts we surveyed (covering the whole of the period the PFI has been operating) do not have these arrangements (39 per cent of all contracts we surveyed had contractual sharing arrangements (Appendix 3) compared with 24 per cent when the PAC conducted a similar survey in 2000). It will take some time for the newer contracts which have contractual sharing arrangements to reach the stage where refinancings are likely to take place. So, for the next few years, departments will be reliant on the new voluntary code to secure a share of many of the refinancing gains which may arise.