1.34 As refinancings are contractor led transactions departments will only be aware of them if (a) they have regular information about contractors' financing arrangements (and can correctly identify refinancings from this information), (b) the contractor informs them of the refinancing, or (c) they become aware of the refinancing from other sources such as financial journals or advisers. Our survey has shown that it is likely that some refinancings have occurred without departments' knowledge, either because they had insufficient information or because they did not recognise a refinancing from the information they were given.