New york state department of taxation and finance

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Once construction is complete, the risk profile of a project can be lower, so cheaper debt can here obtained. This refinancing might in the future be done via bonds в the construction stage is financed using bank debt, and then bonds for the much longer period of operation. The banks who fund PFI projects are repaid by the consortium from the money received from the government during the lifespan of the contract.

From the point of view of the private sector, PFI borrowing finance manager considered low risk because public sector authorities are new york state department of taxation and finance unlikely to default. Indeed, under IMF rules, national governments are not permitted to go bankrupt although this is sometimes ignored, as when Argentina 'restructured' its foreign debt.

Repayment depends see more on the ability new york state department of taxation and finance the consortium to deliver the services in accordance with the output specified in the contract. To participate in EMU, EU member states were required to keep public debt below a certain threshold, and PFI was a mechanism to take debt off the government balance sheet and so meet the Maastricht convergence criteria.

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