Background to Network Rail's reclassification
2013年12月，国家统计局官方官员宣布有意将网络铁路重新分类为英国国民账户和公共部门财务的中央政府机构，其自2014年9月1日起。这是欧洲系统新指导驱动的统计变革亚搏彩票软件官网2010年国民账户（ESA10）。
It was also announced in December 2013 that the UK Government, the Office of the Rail and Road and Network Rail would explore whether alternative approaches or refinements to Network Rail’s current borrowing model could deliver a more efficient approach, and if so from what point in time these might be introduced.
New funding arrangements
The UK Government has determined that, in future, value for money for the taxpayer will best be secured by Network Rail borrowing directly from the UK Government, rather than by Network Rail issuing debt in its own name.
On 4 July 2014 the Department for Transport and Network Rail signed a £30.3bn loan facility to cover Network Rail’s financing requirements for the current control period running from 1 April 2014 to 31 March 2019.
Consequently Network Rail no longer issues bonds under the Multicurrency Note Programme covered by the Financial Indemnity Mechanism (FIM). All outstanding debt will continue to be covered by the explicit, unconditional and irrevocable guarantee from the UK Government. Network Rail will continue to pay coupons and principal on the notes as usual, including pre-funding payments into the Security Trustee account six and 21 business days in advance respectively.
Investors' frequently asked questions
亚搏彩票软件官网网络铁路现已由英国政府直接资助，以通过运输部提供的贷款设施进行所有融资要求。
2013年12月17日国家统计局官方宣布有意将网络铁路重新分类为国民账户中的中央政府机构。亚搏彩票软件官网这是根据实施2010年最新的欧洲账户制度（ESA10）的统计变革。然而，变化确实意味着网络铁路的债务包括在英国公共部门债务中，本公司直亚搏彩票软件官网接对其财务议会负责。
在国家统计局官方宣布时，网络铁路和运输部发布的谅解备忘录。亚搏彩票软件官网理解备忘录指出，网络铁路将与运输和轨道办公室的驱逐和道路办公室有关，探索目前融资模式是否亚搏彩票软件官网有任何细化或替代方法，可以提供进一步提高效率。由于这项工作，决定从中央政府来源直接提供资金网络铁路为英国纳税人提供更好的资金价值。亚搏彩票软件官网
Network Rail expects to meet its short- and long-term financing requirements through drawing down on the UK Government loan facility and therefore does not expect to issue new bonds or commercial paper in the markets. However, should the UK Government breach its obligation to lend under the loan agreement, Network Rail could issue commercial paper under the USCP/ECP programmes to meet its short term funding requirements.
The new financing arrangements have been put in place with a view to replace Network Rail’s planned borrowing from the commercial debt markets with direct funding from the UK Government for the 2014–2019 regulatory control period (CP5). Within and beyond this time horizon, Network Rail and the UK Government may review the new arrangements or make alternative arrangements, which may include either renewed issuance under the Debt Issuance Programmes covered by the FIM, issuance of unguaranteed corporate debt, or any other arrangements that deliver value for money and sustainable financing for the railways.
All the outstanding bonds, including nominal and index-linked benchmarks and private placements in all currencies will continue to benefit from a direct and explicit guarantee from the UK Government under the FIM. Network Rail will continue to pay coupons and principal on the notes as usual, including pre-funding payments into the Security Trustee account six and 21 business days in advance respectively. When existing debt matures, it will be refinanced by money borrowed directly from the UK Government under the DfT loan facility.
Yes, Network Rail will continue to maintain public credit ratings on the outstanding bonds, which will continue to be covered by the Financial Indemnity Mechanism.
所有网络亚搏彩票软件官网铁路的未偿还债券已被接受为与英格兰银行有返回符合条件的抵押品（B级）。但是，英格兰银行保留在以前认为缺乏资格的证券的任何时间。