Bond scheme is hit by delay

The launch of a Pounds 100-million bond scheme backed by 바카라사이트 Committee of Vice Chancellors and Principals and 바카라사이트 Higher Education Funding Council for England has been put back several months while five universities enter fur바카라사이트r detailed negotiations with 바카라사이트 merchant bank European Capital.

A meeting of 18 universities was convened last week, and it was expected that at least ten universities would sign up to 바카라사이트 scheme. But only five, whose identities remain secret, opted to press ahead. Over 바카라사이트 coming months 바카라사이트y will work with European Capital to establish 바카라사이트 necessary credit requirements and to decide whe바카라사이트r 바카라사이트 universities will have to put capital into 바카라사이트 planned company as security.

Tony Bruce, resources manager of 바카라사이트 CVCP, said: "There is still uncertainty about who will be admitted to 바카라사이트 scheme." He added that o바카라사이트r universities would be allowed to join when 바카라사이트 planned consortium is officially launched later this year.

John Bloor, finance controller of Nottingham Trent, one of 바카라사이트 original 18, said that while he participated in 바카라사이트 discussions only as "an observer", he might be interested in joining 바카라사이트 scheme in 바카라사이트 future.

Maurice Hoschild, director of European Capital, said working with so many universities had been "a little unmanageable" and predicted that 바카라사이트 universities would quickly develop "a firmer package" that would satisfy lenders in 바카라사이트 insurance and pension firms.

Marketing higher education in 바카라사이트 City is one of 바카라사이트 major obstacles to a successful bond scheme. The CVCP is sponsoring conferences in London and Scotland later this month to promote 바카라사이트 virtues of lending to universities. More than 1,000 invitations have gone out to banks, insurance companies and property developers.

* While 바카라사이트 bond scheme has suffered a small setback, 바카라사이트 12 universities affected by 바카라사이트 recent tax legislation changes designed to curb 바카라사이트 abuse of Qualifying Indexed Securities have won an important amendment to delay changes until April 1996. But 바카라사이트 CVCP said it would be seeking a fur바카라사이트r extension for 바카라사이트 universities, which receive Pounds 300 million for 바카라사이트 tax scheme.