The revised guidance has largely incorporated previous NAO and PAC recommendations, which departments will need to put into action

3.10  Appendix 4 sets out the progress that the OGC and departments have made in implementing the recommendations that both the NAO and the PAC made following examination of the Fazakerley PFI prison contract refinancing. This shows that the recommendations have been largely reflected in the revised OGC guidance. The extent to which departments achieve satisfactory outcomes from refinancings will depend on them putting the revised guidance into practice effectively.

3.11  The growing maturity of the PFI market is increasingly enabling better terms of finance to be obtained at the outset which may reduce future refinancing opportunities. Nevertheless, it is very likely the private sector will continue to seek refinancing opportunities wherever possible. As our survey identified, the private sector may also seek new opportunities, such as refinancing a group of projects. Refinancing will, therefore, continue to require careful attention by departments.