2017 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: DFE (D6) - see all reports for this organisation
Report year: 2017 (data is from Sept 2016)
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 its intention 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.
DCA (RAG): Amber
DCA text: All stakeholders and governance bodies are aware of the challenging timetable, lack of contingency and urgency needed in decision making, and continue to be regularly updated. On 6 February 2017, Government announced the start of the sale process, which is expected to take several months.
Start date: 2010-03-01
End date: 2017-03-31
Schedule text: Sale process was delayed by the general election. Ministers will consider revised timings over the summer
Baseline: £0.00m
Forecast: £5.50m
Variance: 100.00%
Variance text: Due to the rebaselining to the 16/17 timeline, the project has now forecasted a 16/17 budget and with the additional years' work and final scoping of costs, the new forecast of £19.2m has been submitted in the FBC for approval. This was approved by HMT and DfE, at Ministerial level, prior to sale launch.
Whole Life Cost: £15.29m
WLCost text: As required by the Sale of Student Loans Act 2008, the Government will provide a report to Parliament on whether the sale gives good value within 3 months of sale completion.
Notes1:
Notes2:
Sourcefile: IPA_2017.csv

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