1.12 The Treasury considers that because of the complex issues raised by refinancings, and in the light of market trends, more extensive guidance is required. It proposes to issue expanded guidance on refinancings during 2000. This guidance is expected to reflect a number of the principles which departments may wish to bear in mind when faced with a refinancing, and which are set out in Part 3 of this report. The Treasury expects the guidance to continue to recognise the private sector's rights to receive refinancing benefits as a reward for the successful management of risks where these are appropriately priced. It will also describe the circumstances where the public sector may be justified in seeking a share of refinancing benefits along with appropriate sharing mechanisms.