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A changing market for PFI financing: Evidence from the financiers

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Abstract

Responses to a questionnaire survey received from PFI financiers, and interviews with senior managers, show that as the credit crunch took hold banks became more risk averse. The prediction of Toms et al. that collusion between the state and the private sector might cease in the face of austerity does not appear to have occurred. Rather the state has intervened to benefit the private sector. We argue that two successive UK Governments intervened in the market to protect the role of private finance in PFIs but whether such interventions represent value for taxpayers’ money is a question for future research.

Acceptance Date May 26, 2015
Publication Date Sep 1, 2015
Publicly Available Date Mar 29, 2024
Journal Accounting Forum
Print ISSN 0155-9982
Publisher Elsevier
Pages 187-200
DOI https://doi.org/10.1016/j.accfor.2015.05.001
Keywords PFI financing, Credit crunch, Financiers, Risk transfer, UK
Publisher URL https://doi.org/10.1016/j.accfor.2015.05.001

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