2.1 The OGC took prompt steps to start to develop a new approach to refinancing. During the past two years it has been involved in extensive work to develop and agree new guidance with departments, contractors and the financial community (Figure 9). As a result of this work, and with the assistance of PUK and the Treasury Private Finance Unit, the OGC has changed the approach of departments and the market to dealing with refinancing in new PFI contracts. Most new contracts now share refinancing gains 50/50 although it has taken some time for this policy to become established. The final stage in this new approach was the publication by the OGC of revised guidance in July 2002. This was later than initial expectations but departments had been made aware of the new approach earlier. Some authorities, however, are not yet fully aware of all the detailed issues.