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The trust complained in July 2019 that inflexible Treasury rules were preventing it from buying out its 40-year PFI contract, which could deliver savings of £30 million a year. The contract equity holders are receiving around £20 million in annual dividends which is "double the figure envisaged at the start of the project and [is] projected ...
1 Powers of NHS trusts to enter into agreements (1) The powers of a National Health Service trust include power to enter into externally financed development agreements. (2) For the purposes of this section, an agreement is an externally financed development agreement if it is certified as such in writing by the Secretary of State.
It said in 2017 that PFI companies had made pre-tax profits of £831m in the past six years which could have been spent on patient care. [2] In 2022 it pointed out that expenditure on staff, equipment and other capital projects can be cut by an NHS trust, but not their PFI payments. [ 3 ]
As of June 2019, CDDFT has three ongoing private finance initiative (PFI) contracts, which were used to build University Hospital of North Durham (UHND), Chester le Street Community Hospital (CLS), and Bishop Auckland Hospital (BAH). They were taken out in March 1998, May 2002, and May 1999 and borrowed £92.6 million, £13.2 million, and £49. ...
The Norfolk and Norwich University Hospitals NHS Foundation Trust pays the private PFI Octagon consortium in the region of £41 million a year. [4] In 2004, the Association of Chartered Certified Accountants assessed the actual costs at £1.16 billion, or around five times the initial cost of £229 million.
Another controversy was the long term cost of the private finance initiative (pfi) deal to build the hospital: In 2019 it was revealed that University Hospitals Coventry and Warwickshire NHS Trust paid 12.5% of their income per year to the contractor, and that by the end of the contract, they would have spent an estimated £3.7 billion, almost ...
The hospital was procured under a Private Finance Initiative ('PFI') contract, to replace outdated facilitates at the Pierremont Unit and the Beaumont Ward at Darlington Memorial Hospital and at the Gables Unit in Sedgefield, in 2002. [1]
The trust agreed in July 2015 to join the Black Country Alliance with Dudley Group NHS Foundation Trust and Walsall Healthcare NHS Trust. The plan was to create a jointly owned Company Limited by Guarantee which would enable the three trusts to jointly bid for contracts. There would also be some consolidation of administrative functions like ...