2017 Report details for project: ICR Monetisation
| Project name | ICR Monetisation - there are 4 reports for this project: 2014, 2015, 2016, 2017 |
|---|---|
| Google search | Google search on project name (opens in new window)  |
| Contracts | Contracts search (opens in new window) - under development |
| Organisation | DFE (D6) - see all reports for this organisation |
| Report year | 2017 (data is from September 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.