How do governments turn PPP service delivery into a reality?
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1 4th Public-Private Private Partnership Alliance Meeting, including a Conference on How do governments turn PPP service delivery into a reality? London 25 th October 2005
2 Ms Corinne Namblard Chairperson of the Alliance and CEO, Galaxy Management Services France Opening remarks from the Chair How do Governments turn PPP service delivery into a reality?
3 Mr. Andy Carty, Deputy CEO, Partnerships UK PPP- A Brief overview of UK Experience
4 PPP A Brief Overview of UK Experience Andy Carty 25 October 2005
5 The Private Finance Initiative Privatised utilities (1980 s and 1990 s) Channel Tunnel (1987) Dartford Bridge (1987) Ryrie Rules Conservative Government ( ) Invented in the UK? Private Finance Panel and Executive ( ) 4Ps (1996)
6 1997 New Labour in Government First Report by Sir Malcolm Bates Treasury Taskforce Policy and Project Teams A Two-Year Life Significant Projects Project Review Group for LA schemes Guidance, Best Practice, Standardisation and Training
7 Partnerships UK Established by Treasury to support PPP policy and help public bodies deliver successful PPPs. JV between public and private sectors. Able to invest at risk to a successful outcome. A driver of joined-up Government and HMT s Corporate memory on PPPs. Central resource of best practice and guidance, implementation, transaction skills and market knowledge in PPPs.
8 PPPs Are Not Standardised Internationally Each Country s approach to PPP is: Designed to meet the policy objectives of its Government Developed to complement other public procurement and public service delivery methods Implemented according to the available public and private sector resources Tailored and Unique
9 Why embark on a PPP Programme? Improved value-for-money procurement of public services. Reform / modernisation of public services. Contestability in delivery of public services. Antidote to short-termism in both public and private sectors. Improved transparency of costs of public services delivery. Overcome capital budget constraints.
10 PFI: development of the programme bn
11 PFI: scale of the programme Over 690 PFI Contracts Signed 60 Billion Capital Value Over 450 Projects now operational 6 Billion p.a. of new projects in procurement
12 Sectoral distribution
13 Size distribution by number < 50m m > 100m
14 Authority distribution by number Local Govt Central Govt Other
15 Total investment in public services
16 Value for Money key drivers Output based contracts Whole life-of-asset costings Single point responsibility integration / scope Innovation Competition Economies of scale Capital at risk to long term performance Risk transfer
17 Risk allocation comparison Traditional procurement Design & construction Service provision Maintenance & renewal Quality of service Volume Force majeure Obsolescence Residual value Regulation/policy Typical PPP/PFI Design & construction Service provision Maintenance & renewal Quality of service Volume Force majeure Obsolescence Residual value Regulation/policy
18 Overview: Typical PFI Structure Output Specification Insurance Only Residual Risk Transfer Banks or Bondholders Public Sector Entity Central, Regional or Local Government Authority/NHS Trust 25 year Service Agreement SPV Special Purpose Vehicle Company Financial Providers 90% 10% Construction Contract Facility Services Agreement Shareholders Contractor FM Provider Defined Risk Transfer Financial Investor
19 PFI Payment Structure Payments apportion risk: Availability Performance quality Usage / volume Additional revenue streams (where possible) No guarantee of return Composite total payment Guiding Principle: Risk borne by party best able to to manage / assess / price the risk.
20 Comparison with Conventional Procurement - Evidence Delivery on time and on budget 80% On time On budget On time On budget 30% PPP Conventional Procurement Performance of completed projects No. of Projects Sources National Audit Office UK Parliament Expenditure Auditor
21 Lessons Learnt Legislative framework Policy framework Institutional reform Capacity building: Public sector Private sector Central support Communication strategy Programme development Quality Control and above all, Political Commitment
22
23 Mr. Adrian Howcroft, Assistant Director, Corporate Finance, PriceWaterhouseCoopers A Private Sector Overview: Delivering the PPP Promise
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