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J Henry Schroder and Co Ltd in conjunction with Deloitte & Touche has been appointed as financial agent to safeguard the Governments financial interest in the Channel Tunnel Rail Link following the choice of London and Continental Railways (LCR) as promoters of the project.
Their role will be to provide expert financial advice to the Government on all aspects of the project including LCRs financial proposals and progress.
It is usual for the Department to appoint financial, technical and legal advisers for the Private Finance Initiative projects because of the ongoing public interest in them. The Development Agreement signed with LCR provides for advisers to have access to LCRs staff, data and plans. LCR are obliged to provide advisers with regular progress reports.
Notes to editors
London and Continental Railways were appointed on 29 February 1996 to take the Channel Tunnel Rail Link project forward. The appointment took effect on 31 May 1996 with LCR taking control of European Passengers Services (the UK arm of Eurostar) and Union Railways on that date. Press Notices 64/96 and 170/96 refer.
Competitions for all three advisers (financial, legal and technical) were launched in December 1995 and, in the case of the financial and technical advisers, announced in the Official Journal of the European Communities (contracts for legal services are exempt from this requirement). The Department recently announced the appointment of a group drawn from Mott Macdonald, Parsons and Sir Alexander Gibb and Partners as technical advisers, and McKenna and Co as legal advisers. Press Notice 163/96 refers.
