Payment schedule on UK PFI contracts including 5 for Islington ( incl. PFI1 and PFI2)
http://www.hm-treasury.gov.uk/d/pfi_signed_projects_list.xls
National Audit Office report
http://www.nao.org.uk/publications/press_notice_home/1011/101171.aspx
Great resource with breakdowns on History of UK Housing PFI’s, How Housing PFI’s work , Diagrams showing connections between the different parties., case studies, value for money, cost of PFI compared to other routes and case study for islington.
Project info from Partnerships UK “PUK” (e.g.Dates, project overview, contractors, lawyers, of Islington PFI projects, with links to UK wide PFI projects)
http://www.partnershipsuk.org.uk/PUK-Projects-Database-Map.aspx?Region=London&SubRegion=Islington#projectsTop
PUK only work with the public sector in five main areas. ie Supporting complex procurement projects, Developing procurement and investment policies, Supporting individual infrastructure projects, Developing public service commissioning models, Investing in projects and companies
What is PFI? (according to LBI)
http://www.islington.gov.uk/Housing/Counciltenantsandleaseholders/PartnersforImprovements/whatispfi/
PFI for Social Housing
The Private Finance Initiative for social housing was introduced by the Department for Communities and Local Government (DCLG). The DCLG describes PFI as ‘a method by which central government provides financial support for partnerships between the public and private sectors. These projects will deliver the refurbishment of existing social housing together with the provision of associated services, such as repairs and maintenance, estate security and rent collection. In return, the private sector receives payment, linked to its performance in meeting agreed standards of provision. The funding for these projects is given by central government in the form of what are known as PFI “credits”. PFI is basically just a different way of purchasing. The local authority does the buying, just as it does at present.’
Who did the deals?
Is anyone saying? Despite the fact that surcharging is now disallowed, and “personal responsibility” is out of fashion, the most your likely get out of LBI is that they “will let you know accordingly” but never do. Try it.
The private finance initiative (PFI) _ Wikipedia
http://en.wikipedia.org/wiki/Private_finance_initiative
The private finance initiative (PFI) is a way of creating “public–private partnerships” (PPPs) by funding public infrastructure projects with private capital.
Islington PFI Housing projects – Who are they?
consists of 3 partners United House, Hyde Housing Asoc & Uberior (HBOS/LloydsTSB)
PFI islington 2 (Holdings) Ltd own Annual reports say it has Limited risk. e.g. The company is financed by fixed rate loans and contracted income. It therefore has no interest rate exposure and no risk of fluctuating demand for services.
Strange since one of the reasons given by politicians for PFI was to let the Private sector shoulder some risk of major projects.
PFI islington 2 (Holdings) Ltd accounts are open to public at colebroke row offices. n1 8hz.
PFIII2 Islington ltd is 100% owned by PFI islington 2 (Holdings) Ltd.
PFI islington 2 (Holdings) Ltd. is owned by 45% United House solution ltd & 45% Uberior infrastructure investments ltd (wholey owned by Bank of Scotland) & 10% Hyde Housing association Ltd.
PFIII2 Islington ltd has subcontracted 6yr refurbishment to United House ltd from Oct 2006 for £153m for 6 years and have so far been paid in total 2008:£35m & 2007:£7m)
PFIII2 Islington ltd has subcontracted Heating to United House Ltd from Oct 2006 for £11m in total 2008:£1.1m & 2007:£1m)
PFIII2 Islington ltd has subcontracted Housing mgt service to Hyde housing Asoc Ltd from Oct 2006 for £36m in total 2008:£3m & 2007:£2m)
PFIII2 Islington ltd has subcontracted Project service to Hyde housing Asoc Ltd from Oct 2006 for £11.5m in total 2008:£1m & 2007:£0.75m)
PFIII2 Islington ltd has subcontracted Bought in service incl IT to Hyde housing Asoc Ltd from Oct 2006 for £7.6m in total 2008:£0.4m & 2007:£0.4m)
The BOS -parent of Uberior provided a £58.9m loan & Working capital on £1m to PFIII2. £12m of senior debt has been drawn down to 31.3.08 the interest on the loan of £7.8m has been rolled up in total owing to bank, and interest on the loan of £215k has been paid to the bank
If you wish to know more you can get the various companies accounts from Companies House ( £1 per document)
http://www.companieshouse.gov.uk/
Evening standard articles
Social housing PFIs have ‘wasted millions’ in London
Nicholas Cecil, Chief Political Correspondent Nicholas Cecil, Chief Political Correspondent 30.06.10
http://www.thisislondon.co.uk/standard/politics/article-23851070-social-housing-pfis-have-wasted-millions-in-london.do
Islington Tribune article
Islington Tribune Letters
http://www.google.com/search?q=PFI&btnG=Search+Site&domains=http%3A%2F%2Fwww.islingtontribune.com&sitesearch=http%3A%2F%2Fwww.islingtontribune.com
Inside Housing Articles
Politicians ‘pushed’ PFI regardless of value 02/07/2010
http://www.insidehousing.co.uk/news/finance/politicians-%E2%80%98pushed%E2%80%99-pfi-regardless-of-value/6510539.article
Politicians were ‘hell-bent’ on pushing forward private finance initiatives, regardless of value for money, a council officer who supervised one project has stated.
The majority of signed-off housing public finance initiative projects have suffered significant cost increases and all have been delayed, according to a National Audit Office report.
http://www.insidehousing.co.uk//6510468.article
Housing private finance initiatives will be reviewed by the government following a damning report which showed the total cost of signed off projects was £694 million more than expected. – 02/07/2010 | By Carl Brown
http://www.insidehousing.co.uk/news/finance/housing-pfi-in-doubt-as-shapps-launches-review/6510538.article
FOI Requests
The kind people who run www.whatdotheyknow.com have made it ever so easy for anyone to submit FOI requests to Islington, and the added bonus is that by making requests via the www.whatdotheyknow.com website you can create maximum pressure on Islington as the FOI requests, and Islington’s handling of requests, is published on the web and also indexed by google, which gives LBI little opportunity to hide away. So if anybody want to know more, I would encourage anyone to go ahead and ask some very precise questions.
Islington launches fraud inquiry into housing PFIs
Islington Council’s anti-fraud team is reviewing its two housing private finance initiative schemes after leaseholders raised concern about the way they were charged for improvement works.
http://www.insidehousing.co.uk/news/legal/islington-launches-fraud-inquiry-into-housing-pfis/6510834.article
George Monbiot on the The Real Expenses Scandal
http://www.monbiot.com/archives/2009/05/26/the-real-expenses-scandal/
If you have got any PFI links to add?
( especially PFI Islington) you would like to add links to this please mail response below: