Impact of LIBOR rigging on DfT PFI contracts?
Dear Department for Transport,
On 01/09/2005 the DfT closed a Private Finance Initiative (PFI) contract known as the National Roads Telecommunications Services deal ,worth an initial £53.4m in conjunction with HSBC Infrastructure Fund Ltd, and Fluor International.
In July 2012 it emerged Barclays and other UK and global banks had
been complicit in rigging the London Inter-bank Offered Rate since
at least 2005, which sets the rates of borrowing money and is
pegged to swaps and derivatives products referenced within PFI
contracts.
HSBC is one of the 18 LIBOR setting panel banks currently under
investigation by UK, US and EU authorities for rigging the LIBOR rate
http://www.telegraph.co.uk/finance/newsb...
Please provide:
1. The original National Roads Telecommunications Services business case, and contract(s) including full details of swaps (ISDA) and derivatives applied to this PFI deal.
2. Copies of internal or external financial and legal advice DfT
has received in relation to LIBOR, and its actual or
potential impacts on DfT and PFI finances.
Yours faithfully,
Joel Benjamin
Dear Sir
Request for Information ref:P0010874
I am writing to acknowledge receipt of your request for information which has been allocated the above reference number. A response will be issued to you in due course.
Regards,
Department for Transport
Information Rights & Records Unit
D/04, Ashdown House
Sedlescombe Road North
St Leonards on Sea
East Sussex
TN37 7GA
Dear Mr Benjamin
Please find attached an acknowledgement of your FOI request.
Colin Goodwillie
Corporate Finance
DfT
Tel: 020 7944 5016
Please see attached.
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159
[1][email address]
Joel
As we advised in our interim response we are current compiling a response
to your request about PFI and LIBOR. It is unclear at this stage whether
we will be able to send the response to you by email or whether the
documentation will be so large that it will necessitate a CD. It would,
therefore, be helpful if you would provide us with a postal address that
we would be able to send a CD to.
Thanks
Colin Goodwillie
Corporate Finance
Department for Transport
Tel: 020 7944 5016
E-mail: [email address]
Dear Mr Benjamin
Please see attachments. The rest of the material will follow.
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
Peter Audemars | Corporate Finance Directorate
Department for Transport | Great Minster House
33 Horseferry Road | London SW1 4DR
020 7944 4159 | 07826 869374
[1][email address]
We work to defend the right to FOI for everyone
Help us protect your right to hold public authorities to account. Donate and support our work.
Donate Now