Part 1: The Prison Service achieved its objective for this refinancing
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The Prison Service had no explicit contractual rights to share in the gains
The Prison Service had no explicit contractual rights to share in the gains
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The original PFI contract was silent on the issue of sharing refinancing benefits
Treasury guidance on refinancings was only available as the Service and FPSL concluded the refinancing
The guidance says that refinancing benefits generally reward private sector risk taking, but may be shared
The Service accepts that refinancing benefits are FPSL's reward for a project which has benefited the public sector
The Treasury expects to issue expanded guidance on refinancing