3.4 Projected future interest rates had fallen between December 1995 when the Fazakerley PFI prison contract was let, and November 1999 when the refinancing was completed. During this period, FPSL had been exposed to the possibility of variations in its interest costs after December 2005. As a consequence of the reduction in projected future interest rates since the inception of the contract, a £2.6 million benefit has accrued to shareholders (paragraph 2.14).