An email between a Treasury official and a DTLR official, discussing the options for the structure of Railtrack's ("Ariel") successor.
This document was published on 29th August 2001 by HM Treasury.
It was written by Shriti Vadera.
The original document format was PDF File, and comprised 4 pages.The original document can be found here.
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"Second, on the TOCs issue. The problem as I see it is to get decent management in for new Ariel. The question is who will want to do it. THERE ARE SOME IDEAS WHICH I AM FRSUTRATED HAVE NOT BEEN DISCUSSED - WE SHOULD DO THAT TODAY I also agree with AA that we have to make the TOCs feel responsible for new Ariel rather than always wanting to play the blame game as they have done with old Ariel. - AGREE THUS FAR The question is how far we go...In terms of ownership of new Ariel, I guess the question is how much ownership we need to give TOCs to make them act In a pined up way. WE HAVE TO REMMEBER (sic) THIS IS NOW NO LONGER A CLASSIC OWNERSHlP ISSUE: NO ONE OWNS IT - ITS A NOT FOR PROFIT COMPANY. THERE IS ND SUCH THING AS "MAJORITY OWNERSHIP". SECONDLY IF THE TOCs CONTROL IT WE WILL NEED A VERY HEAVY REGULATORY STRUCTURE AS WE WlLL ESSENTIALLY BE GIVING CONTROL OF TRACK TO CUSTOMERS WHO INSTEAD OF WORRYING ABOUT VFM HAVE EVERY INCENTIVE TO PASS COSTS TO THE INFRASTRUCTURE TO BOOST THEIR OWN PROFITS."
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