1 We examined how National Savings was likely to achieve its objectives through the project. At the time of the examination in 1999 SBS had been providing National Savings' operational service for some ten months. Therefore, we were able to examine performance during the very early stages of the contract, although much of our work focused on the signed deal, and in particular the way it addresses the following aspects:
■ The achievement of operational objectives - particularly the extent to which the contract provides for the sustained provision, to specified quality standards, of National Savings' operational service.
■ Value for money - the extent to which the partnership with SBS is likely to be a more economical, efficient or effective solution than National Savings' continuing to run the operational service in house, taking account of the transfer of risk to the private sector.