2014 Report details for project: ICR Monetisation

Project name: ICR Monetisation - there are 4 reports for this project: 2014, 2015, 2016, 2017
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Organisation: BIS (D3) - see all reports for this organisation
Report year: 2014 (data is from Sept 2013)
Category: Transformation - see all reports for this category
Description: HM Government is carrying out a programme of asset sales with the purpose of reducing public sector net debt (“PSND”). The Government has announced intentions to sell the pre-Browne Income Contingent Repayment (ICR) student loan book to contribute to this objective and to realise value to the taxpayer. This loan book will be sold in a series of tranches over a number of years. The first tranche of loans is expected to be sold by 2015-16. As is normal with transactions of this type, there will be a value for money assessment made before each sale. Each sale is required to meet the value for money assessment as well as other key project objectives to be considered a success. Failure to meet objectives will result in a decision not to sell.
DCA (RAG): Amber/Red
DCA text: Actions being taken to address the Amber/Red rating include the Project Steering Group assessing and confirming the delivery capability of key partners. Following agreement that the Go/No-Go criteria (required to continue with phase two of the project) has been met the Project will undertake work to further define its objectives, establish more robust plans, governance and project management disciplines, and appoint experienced external advisers to assist on the project.
Start date: 2010-03-01
End date: 2018-12-31
Schedule text: Previously an end date reflecting the end of the feasibility study was provided. The project has now moved from a feasibility study into delivery phase including sale preparation and sale phases and timescales have been revised to reflect this. The proposed end date reflects the completion of a series of tranches being sold over a number of years.
Baseline: £5.50m
Forecast: £5.50m
Variance: 0.00%
Variance text: No departmental narrative
Whole Life Cost: £28.61m
WLCost text: Previously, the whole life costs provided reflected the costs of the feasibility study. The project has now moved into a delivery phase and the revised costs reflect the costs for the whole project, including sale preparation and sale phase. The costs reflect that there will be a series of tranches sold over a number of years.
Notes1:
Notes2:
Sourcefile: IPA_2014.csv

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Acknowledgement: GMPP data has been re-used under the Open Government Licence.