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S  Tcc    v* ===]]||  T(cc O m  x* ===]]||H  0 el= ? ̙33  T((  T T NHcc -   \* ===]]|| T NLcc O m-  ^* ===]]|| T Tcc    \* ===]]|| T TPcc O m  ^* ===]]||H T 0 el= ? ̙33  4&( O 4 4  fT1))?P|  GFunding Social Care PFI projects Christine Galeon Tel: 020 7470 7339b!022! ,!  4 C lATK:\Logo - PFB\Dexia PFB\blue positive.jpg",V  4 <, v@] A 29 April 2003H 4 0޽h ? ̙33 04:(  4 4 00 <Agenda^ 4 0h3P@< Optimised financing in PFIs What makes a Care PFI project bankable? Unusual economics: Mitigation strategies The regulatory challenge Conclusion%@Kv ,,H 4 0޽h ? ̙33U @l( D ` lR l s *P@ l 0@ <Agenda_ l 0xDP@< Optimised financing in PFIs What makes a Care PFI project bankable? Unusual economics: Mitigation strategies The regulatory challenge Conclusion %@Kw ,,H l 0޽h ? ̙33\  P< (  < < 0QA {+ Optimised financing Typical PFI Structure 4,! F  p  <  p  < 0WE ?  CLocal Authority < 0[E ?  7SPV < 0S > Shareholders   < 0a :  KDesign and Construction  < 0e0 *  X$Care services and day-to-day repairs%%  < 0hi   ELifecycle repairs  < 0l bFunder&TB  < c $D@ @ TB <B c $D7 7 TB <B c $D  TB <B c $DTB <B c $D  TB < c $D  TB < c $D? `B < 0DpE p`B < 0D? pp < 0r)p BDirect Agreement < 0v@ "  CProject Agreement < 0z '  ? Senior Debt   < 0~ :Equity < 0`7 @  ? Sub-contractsXB < 0D @ @ H < 0޽h ? ̙33K `( w   0X- };Optimised financing Typical features of financial structure&<(n  0`,$D 0 XSPV set-up to enter into contracts and raise finance Competitive long-term financing High gearing (ca 90:10 debt:equity ratio) with small equity cushion Long term debt with limited tail until concession end Repayment solely from project cash flows Security solely over SPV s assets and step-in rights-%@K-.' M ,,H  0޽h ? ̙33U  p(  R  s *@P  0 <Agenda_  04P@< Optimised financing in PFIs What makes a Care PFI project bankable? Unusual economics: Mitigation strategies The regulatory challenge Conclusion %@Kw ,,H  0޽h ? ̙33O $(  $ $ 0خp a+What makes a Care PFI project bankable? (1),, $ 0,$D 0 hAffordability Experience and commitment of all consortium members Design & build; Maintenance, but also& Care services& New in PFI Registered Social Landlords Ethos; Not-for-profit organisations Long-term commitment through fixed price contracts RSLs and PFI are compatible Other care providers 0%@K4%@2E@2%@2z@25@2@2@K%@K4Ez  ,Z0 ,,H $ 0޽h ? ̙33 me(    0 a+What makes a Care PFI project bankable? (2),,  0\` ,$D 0 hClear risk allocation with realistic transfer of risks and liabilities OGC guidelines Address sector specific issues, e.g - Development of care plans - Interface with frail patients - Flexibility to cater for special needs - Payment mechanism Partnering between all parties is essential Robust financial structure Satisfactory due diligence, including care due diligenceG%@2@2@K-5@K5@2:%@KG   ,,H  0޽h ? ̙33U  (  R  s *@   0h <Agenda_  0P@< Optimised financing in PFIs What makes a Care PFI project bankable? Unusual economics: Mitigation strategies The regulatory challenge Conclusion %@Kw ,,H  0޽h ? ̙33 UM(    0P _)Unusual economics: Mitigation strategies **  0t ` ,$D 0 R<High proportion of care / staff operating costs Operating cost overrun risk Limited mitigants available to private operator Sharing the risk: Best value for money solution Indexation Tailor-made benchmarking regime - Frequency - Comparator group Pitfalls of market testing 0%@2T@20%@2h@2@K@K@K0T0Z  ,,H  0޽h ? ̙33U  (  R  s *0 @   0  <Agenda_  0TP@< Optimised financing in PFIs What makes a Care PFI project bankable? Unusual economics: Mitigation strategies The regulatory challenge Conclusion %@Kw ,,H  0޽h ? ̙33 (    0T%P OThe regulatory challenge.  0)` ,$D 0 National Care Standard Commission: omnipresent, but not contractually bound Care Standards Output specifications Payment mechanism  objective perfomance indicators? First registration and cancellation risks Lenders step-in No legal solution to address uncertainties, but: Monitoring providing early warning Pragmatism [%@2Q@2l%@23@2@2@K[Ql6  ,,H  0޽h ? ̙33U (  R  s * @   06 <Agenda_  0CP@< Optimised financing in PFIs What makes a Care PFI project bankable? 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