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 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.
Sourcefile IPA_2017.csv

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