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167139

registered interest
date	01/12/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what steps he is taking to ensure that Network Rail operates within its budget for the 2014-15 financial year; and if he will make a statement.
tabling member constituency	Brighton, Kemptown
tabling member printed	Simon Kirby
uin	216479
answer	answer is ministerial correction date of answer 08/12/2014 answer text <p>Network Rail operates under a network licence enforced and monitored by the independent Office of Rail Regulation, which also sets the spending and expected outputs for the railway over the current five-year Control Period 5 covering 2014-19. The Office of Rail Regulation continues to monitor and oversee Network Rail’s delivery of outputs, efficiency and financial performance against what it has challenged Network Rail to deliver in its Determination for Control Period 5.</p><p> </p><p>The Framework Agreement between Network Rail and the Department for Transport sets out the new approach to governance, financing, accounting and budgeting following Network Rail’s reclassification to the public sector. It has been written with reference to “Managing Public Money”, the HM Treasury guidance on the principles for managing public resources.</p><p> </p><p>The Framework Agreement includes a requirement upon Network Rail to provide regular financial information, and to lay a copy of its accounts in Parliament.</p><p> </p> answering member constituency Devizes answering member printed Claire Perry question first answered 08/12/2014 15:13:31 answering member 3974 label Biography information for Claire Perry
tabling member	3929 label Biography information for Simon Kirby

164491

registered interest
date	24/11/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their assessment of Network Rail's ability to deliver infrastructure projects.
tabling member printed	Lord Kennedy of Southwark
uin	HL3084
answer	answer is ministerial correction date of answer 05/12/2014 answer text <p>The independent regulator, the Office of Rail Regulation (ORR), is responsible for overseeing and enforcing Network Rail’s obligations, including the delivery of infrastructure projects. On 20 November ORR published its assessment, in the ‘Network Rail Monitor’, of Network Rail’s performance in the first two quarters of Control Period 5 (2014-19) covering the period 1 April to 11 October 2014. ORR reported that following a period of relatively successful delivery in Control Period 4 (2009-14) Network Rail has not made the expected progress in the early stages of certain enhancement projects in Control Period 5. ORR has asked Network Rail to produce an improvement plan to demonstrate how it will change its approach to make up for these delays and will hold Network Rail to account for its delivery. DfT is working extremely closely with ORR and Network Rail to ensure that the vital passenger benefits in the Rail Investment Strategy are delivered.</p> answering member printed Baroness Kramer question first answered 05/12/2014 12:47:14 answering member 1557 label Biography information for Baroness Kramer
tabling member	4153 label Biography information for Lord Kennedy of Southwark

93060

registered interest
date	13/10/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, for what reasons retention bonuses have been paid to Network Rail executives; and what his policy is on the further payment of such bonuses.
tabling member constituency	Bassetlaw
tabling member printed	John Mann
uin	210268
answer	answer is ministerial correction date of answer 16/10/2014 answer text <p>In the latter half of Control Period 4 (2009-14) it became clear that Network Rail faced serious Executive retention risks which threatened leadership continuity. Accordingly, at the company’s 2012 Annual General Meeting, Network Rail’s members agreed one-off performance related retention payments for three Executive Directors if they remained in post for the entirety of the Control Period. These retention payments were implemented when Network Rail was a private sector company limited by guarantee.</p><p> </p><p> </p><p> </p><p>On 1 September Network Rail was reclassified to the public sector. As an arm’s-length public sector body, it must use public money proportionately and with probity and ensure that reward and remuneration do not go beyond what is needed to ensure sustained high performance. As part of new governance arrangements, Executive Director remuneration will be set by Network Rail’s Remuneration Committee but must be approved by the Secretary of State and the Chief Secretary to HM Treasury. Under the company’s remuneration policy for Control Period 5 (2014-19), no further retention payments can be awarded to serving Directors.</p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member constituency Devizes answering member printed Claire Perry question first answered 16/10/2014 14:15:11 answering member 3974 label Biography information for Claire Perry
tabling member	1387 label Biography information for Lord Mann

91823

registered interest
date	26/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answers by Baroness Kramer on 15 September (HL1794 and HL1795), with reference to the Framework Agreement between Network Rail and the Department of Transport, whether (1) the Department for Transport, (2) the Office of Rail Regulation or (3) both organisations are now responsible for approving and monitoring progress against Network Rail’s Strategic Business Plan, Delivery Plan, Business Plan and Annual Plan.
tabling member printed	Lord Berkeley
uin	HL1881
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>The Framework Agreement sets out how the Department for Transport and Network Rail interact in terms of corporate governance and financial management. As set out in that document, the Department will be engaged by Network Rail during the production of several corporate planning documents, as is appropriate for a sponsoring Department, in order to agree the strategic approach:</p><p> </p><p>- Strategic Business Plans.</p><p>- The Delivery Plan.</p><p>- The Business Plan.</p><p>- Annual Plans.</p><p> </p><p>The Office of Rail Regulation regulates Network Rail’s stewardship of the national network in accordance with the Railways Act 1993. It continues to monitor and oversee Network Rail’s delivery of outputs, efficiency and financial performance against what it has challenged Network Rail to deliver in its Determinations that are developed through the Periodic Review process. The Determinations reflect Network Rail’s Strategic Business Plans amongst other things. The Department will not duplicate the Office of Rail Regulation’s work, but will oversee Network Rail’s performance on behalf of the UK taxpayer at a more strategic level, based on the Office of Rail Regulation’s analysis of performance and discussions with Network Rail’s Board.</p><p> </p><p>The Strategic Business Plans, Delivery Plan and Business Plan for Control Period 5 were finalised prior to the company’s reclassification to the public sector. Network Rail will continue to update its Plans for Control Period 5 on an annual basis.</p><p> </p> answering member printed Baroness Kramer question first answered 14/10/2014 16:17:59 answering member 1557 label Biography information for Baroness Kramer
tabling member	3526 label Biography information for Lord Berkeley

91551

registered interest
date	10/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what interest rate would have been charged if Network Rail had borrowed from the Government in each year of control periods 3, 4 and 5.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	208962
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>Historically Network Rail was classified to the private sector and borrowed from the markets. Government provided a financial indemnity in return for a fee from Network Rail to Government. The fee was set by the Office of the Rail Regulator to reflect the market cost of the indemnity. The financial indemnity allowed Network Rail to borrow using the strength of the Government’s balance sheet, whilst leaving it the normal private sector freedom to manage its own treasury policy.</p><p> </p><p>Following the Office of National Statistic’s announcement that Network Rail would be classified to the public sector from 1 September 2014, Network Rail’s borrowing and liquidity is being managed as part of central Exchequer processes.</p><p> </p><p>Department for Transport (DfT) is lending to Network Rail on terms consistent with the Regulator’s expectations of Network Rail’s cost of debt over control period 5. That is, the cost to Network Rail is intended to be broadly unchanged.</p><p> </p><p>Previously Network Rail paid a fee to Government for the financial indemnity and interest to the market, which could be thought of as the underlying government benchmark rate (i.e. gilts) plus a small premium. Network Rail now pays the equivalent amount to Government. In control period 5 (CP5: 2014-2019) we estimate a saving to the taxpayer of c.£95m to £190m on debt issuance of £28.5bn (now effectively gilt issuance), assuming that the premium to gilts would have been between 0.2% and 0.4%.</p><p> </p><p>Network Rail estimates that the average premium paid over Gilts across control period 3 (CP3) and control period 4 (CP4) was 0.15% to 0.25%. Given the mix of funding and number of instruments issued over time we have not attempted to estimate the theoretical saving to taxpayers if Network Rail had borrowed from Government in CP3 and CP4 and the premium had been retained by the taxpayer. It is also not possible to quantify the potential impact on gilt rates had additional debt been source by the exchequer.</p> answering member constituency Devizes answering member printed Claire Perry grouped question UIN 208958 208959 208960 208961 question first answered 14/10/2014 11:45:35 answering member 3974 label Biography information for Claire Perry
tabling member	2 label Biography information for Kelvin Hopkins

91552

registered interest
date	10/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what estimate he has made of the additional annual cost to Network Rail of borrowing from private financial markets rather than the Government in control periods 3, 4 and 5.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	208960
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>Historically Network Rail was classified to the private sector and borrowed from the markets. Government provided a financial indemnity in return for a fee from Network Rail to Government. The fee was set by the Office of the Rail Regulator to reflect the market cost of the indemnity. The financial indemnity allowed Network Rail to borrow using the strength of the Government’s balance sheet, whilst leaving it the normal private sector freedom to manage its own treasury policy.</p><p> </p><p>Following the Office of National Statistic’s announcement that Network Rail would be classified to the public sector from 1 September 2014, Network Rail’s borrowing and liquidity is being managed as part of central Exchequer processes.</p><p> </p><p>Department for Transport (DfT) is lending to Network Rail on terms consistent with the Regulator’s expectations of Network Rail’s cost of debt over control period 5. That is, the cost to Network Rail is intended to be broadly unchanged.</p><p> </p><p>Previously Network Rail paid a fee to Government for the financial indemnity and interest to the market, which could be thought of as the underlying government benchmark rate (i.e. gilts) plus a small premium. Network Rail now pays the equivalent amount to Government. In control period 5 (CP5: 2014-2019) we estimate a saving to the taxpayer of c.£95m to £190m on debt issuance of £28.5bn (now effectively gilt issuance), assuming that the premium to gilts would have been between 0.2% and 0.4%.</p><p> </p><p>Network Rail estimates that the average premium paid over Gilts across control period 3 (CP3) and control period 4 (CP4) was 0.15% to 0.25%. Given the mix of funding and number of instruments issued over time we have not attempted to estimate the theoretical saving to taxpayers if Network Rail had borrowed from Government in CP3 and CP4 and the premium had been retained by the taxpayer. It is also not possible to quantify the potential impact on gilt rates had additional debt been source by the exchequer.</p> answering member constituency Devizes answering member printed Claire Perry grouped question UIN 208958 208959 208961 208962 question first answered 14/10/2014 11:45:34 answering member 3974 label Biography information for Claire Perry
tabling member	2 label Biography information for Kelvin Hopkins

91553

registered interest
date	10/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what interest rate was applied to Network Rail's borrowing from the markets in each year of control periods 3, 4 and 5.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	208961
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>Historically Network Rail was classified to the private sector and borrowed from the markets. Government provided a financial indemnity in return for a fee from Network Rail to Government. The fee was set by the Office of the Rail Regulator to reflect the market cost of the indemnity. The financial indemnity allowed Network Rail to borrow using the strength of the Government’s balance sheet, whilst leaving it the normal private sector freedom to manage its own treasury policy.</p><p> </p><p>Following the Office of National Statistic’s announcement that Network Rail would be classified to the public sector from 1 September 2014, Network Rail’s borrowing and liquidity is being managed as part of central Exchequer processes.</p><p> </p><p>Department for Transport (DfT) is lending to Network Rail on terms consistent with the Regulator’s expectations of Network Rail’s cost of debt over control period 5. That is, the cost to Network Rail is intended to be broadly unchanged.</p><p> </p><p>Previously Network Rail paid a fee to Government for the financial indemnity and interest to the market, which could be thought of as the underlying government benchmark rate (i.e. gilts) plus a small premium. Network Rail now pays the equivalent amount to Government. In control period 5 (CP5: 2014-2019) we estimate a saving to the taxpayer of c.£95m to £190m on debt issuance of £28.5bn (now effectively gilt issuance), assuming that the premium to gilts would have been between 0.2% and 0.4%.</p><p> </p><p>Network Rail estimates that the average premium paid over Gilts across control period 3 (CP3) and control period 4 (CP4) was 0.15% to 0.25%. Given the mix of funding and number of instruments issued over time we have not attempted to estimate the theoretical saving to taxpayers if Network Rail had borrowed from Government in CP3 and CP4 and the premium had been retained by the taxpayer. It is also not possible to quantify the potential impact on gilt rates had additional debt been source by the exchequer.</p> answering member constituency Devizes answering member printed Claire Perry grouped question UIN 208958 208959 208960 208962 question first answered 14/10/2014 11:45:35 answering member 3974 label Biography information for Claire Perry
tabling member	2 label Biography information for Kelvin Hopkins

91554

registered interest
date	10/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what estimate he has made of the potential savings in each control period to 2019 if Network Rail borrowed to invest from the Government rather than the private sector.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	208958
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>Historically Network Rail was classified to the private sector and borrowed from the markets. Government provided a financial indemnity in return for a fee from Network Rail to Government. The fee was set by the Office of the Rail Regulator to reflect the market cost of the indemnity. The financial indemnity allowed Network Rail to borrow using the strength of the Government’s balance sheet, whilst leaving it the normal private sector freedom to manage its own treasury policy.</p><p> </p><p>Following the Office of National Statistic’s announcement that Network Rail would be classified to the public sector from 1 September 2014, Network Rail’s borrowing and liquidity is being managed as part of central Exchequer processes.</p><p> </p><p>Department for Transport (DfT) is lending to Network Rail on terms consistent with the Regulator’s expectations of Network Rail’s cost of debt over control period 5. That is, the cost to Network Rail is intended to be broadly unchanged.</p><p> </p><p>Previously Network Rail paid a fee to Government for the financial indemnity and interest to the market, which could be thought of as the underlying government benchmark rate (i.e. gilts) plus a small premium. Network Rail now pays the equivalent amount to Government. In control period 5 (CP5: 2014-2019) we estimate a saving to the taxpayer of c.£95m to £190m on debt issuance of £28.5bn (now effectively gilt issuance), assuming that the premium to gilts would have been between 0.2% and 0.4%.</p><p> </p><p>Network Rail estimates that the average premium paid over Gilts across control period 3 (CP3) and control period 4 (CP4) was 0.15% to 0.25%. Given the mix of funding and number of instruments issued over time we have not attempted to estimate the theoretical saving to taxpayers if Network Rail had borrowed from Government in CP3 and CP4 and the premium had been retained by the taxpayer. It is also not possible to quantify the potential impact on gilt rates had additional debt been source by the exchequer.</p> answering member constituency Devizes answering member printed Claire Perry grouped question UIN 208959 208960 208961 208962 question first answered 14/10/2014 11:45:34 answering member 3974 label Biography information for Claire Perry
tabling member	2 label Biography information for Kelvin Hopkins

91555

registered interest
date	10/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, what estimate he has made of the (a) total premium Network Rail has paid for borrowing from private financial markets in each year since 2001 and (b) savings Network Rail would have made since 2001 if it had borrowed from the Government and not private financial markets.
tabling member constituency	Luton North
tabling member printed	Kelvin Hopkins
uin	208959
answer	answer is ministerial correction date of answer 14/10/2014 answer text <p>Historically Network Rail was classified to the private sector and borrowed from the markets. Government provided a financial indemnity in return for a fee from Network Rail to Government. The fee was set by the Office of the Rail Regulator to reflect the market cost of the indemnity. The financial indemnity allowed Network Rail to borrow using the strength of the Government’s balance sheet, whilst leaving it the normal private sector freedom to manage its own treasury policy.</p><p> </p><p>Following the Office of National Statistic’s announcement that Network Rail would be classified to the public sector from 1 September 2014, Network Rail’s borrowing and liquidity is being managed as part of central Exchequer processes.</p><p> </p><p>Department for Transport (DfT) is lending to Network Rail on terms consistent with the Regulator’s expectations of Network Rail’s cost of debt over control period 5. That is, the cost to Network Rail is intended to be broadly unchanged.</p><p> </p><p>Previously Network Rail paid a fee to Government for the financial indemnity and interest to the market, which could be thought of as the underlying government benchmark rate (i.e. gilts) plus a small premium. Network Rail now pays the equivalent amount to Government. In control period 5 (CP5: 2014-2019) we estimate a saving to the taxpayer of c.£95m to £190m on debt issuance of £28.5bn (now effectively gilt issuance), assuming that the premium to gilts would have been between 0.2% and 0.4%.</p><p> </p><p>Network Rail estimates that the average premium paid over Gilts across control period 3 (CP3) and control period 4 (CP4) was 0.15% to 0.25%. Given the mix of funding and number of instruments issued over time we have not attempted to estimate the theoretical saving to taxpayers if Network Rail had borrowed from Government in CP3 and CP4 and the premium had been retained by the taxpayer. It is also not possible to quantify the potential impact on gilt rates had additional debt been source by the exchequer.</p> answering member constituency Devizes answering member printed Claire Perry grouped question UIN 208958 208960 208961 208962 question first answered 14/10/2014 11:45:34 answering member 3974 label Biography information for Claire Perry
tabling member	2 label Biography information for Kelvin Hopkins

90557

registered interest
date	03/09/2014
answering body	Department for Transport
answering dept id	27
answering dept short name	Transport
answering dept sort name	Transport
hansard heading	Network Rail
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Transport, with reference to the National Rail framework agreement published on 1 September 2014, when the National Audit Office will have access to Network Rail's accounts.
tabling member constituency	North East Cambridgeshire
tabling member printed	Stephen Barclay
uin	208092
answer	answer is ministerial correction date of answer 09/09/2014 answer text <p> </p><p>The Comptroller and Auditor General will audit Network Rail’s Annual Report and Accounts.</p><p>It is intended that the appointment of the Comptroller and Auditor General as external auditor to Network Rail will take effect from April 2015 to time with the start of the new financial year. Until then, Network Rail will continue to ensure that another appropriate auditor will carry out a statutory audit under the Companies Act 2006 and that its annual regulatory financial statement is also suitably audited.</p><p> </p><p /> <p>Paragraph 5.5 of the Framework Agreement explains that to enable the Comptroller and Auditor General to exercise his or her function as the statutory auditor, Network Rail will make available relevant information, documents and access to staff as necessary, including in the period prior to appointment, to develop a sound understanding of the Network Rail business and accounts.</p><p /> <p /> answering member constituency Devizes answering member printed Claire Perry question first answered 09/09/2014 11:25:08 answering member 3974 label Biography information for Claire Perry
tabling member	4095 label Biography information for Steve Barclay