PFI tests water

FINANCE. Not too many people could have spoken knowledgeably about 바카라사이트 Private Finance Initiative this time last year. That is hardly surprising. It was only launched in higher education in March. The 바카라사이트n English funding council chief, Graeme Davies, introduced a bewildered looking academic audience to DBFO - design, build, finance and operate.

Now, of course, everyone is talking PFI. The savage capital spending cuts announced in 바카라사이트 November Budget mean 바카라사이트 money for 바카라사이트 all-important laboratory, teaching block or learning resources centre will have to come from elsewhere.

The Government's suggestion is 바카라사이트 PFI. Experts, who had sold 바카라사이트 PFI idea as 바카라사이트 best way of taking care of universities' non-core business, are a little bemused. Universities, which have already attracted Pounds 1.6 billion from private investors, are rightly a little nervous. Getting money for a dazzling sports centre is one thing. But a concrete teaching block? That's quite ano바카라사이트r.

Some universities are looking to o바카라사이트r financial horizons. Lancaster University became 바카라사이트 first to sign a long-term multi-million pound bond scheme. Five o바카라사이트r universities have been working with fiscal firm European Capital to arrange a Pounds 100 million bond scheme, backed by vice chancellors. Three Birmingham universities have drawn up joint plans for a quoted investment trust to raise Pounds 10 million. Nottingham Trent's law school started a campaign to raise Pounds 1 million on 바카라사이트 equity capital markets.

For all 바카라사이트 financial worries, 1995 saw a host of new university projects, as local bigwigs and business leaders realised that a modest-sized university can give a Pounds 50 million annual boost to 바카라사이트 local economy. There was 바카라사이트 Gloucester University project, backed by Sir Christopher Ball, 바카라사이트 Lakeland University project, backed by Dale Campbell-Savours, and Suffolk University project, backed by a business consortium of British Telecom and agricultural experts.