The UK government would own the conduit and take the first-loss risk in the vehicle. Management of the conduit would be outsourced to a third party – insiders suggest that one of the monoline guarantors is being considered. The conduit could be launched in the next three to six months.
The sharp rise in the cost of bank lending to infrastructure PPP/PFI deals in the UK has prompted the UK Treasury to examine radical new solutions to the funding requirements of its pipeline of upcoming projects.
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