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A letter from the Permanent Secretary at DfT to Network Rail, confirming the financial and regulatory arrangements in the White Paper. The letter seems designed to offer an assurance to Network Rail's financial backers that the company's liabilities will be transferred from the SRA to the Government.
This document was published on 15th July 2004 by Department for Transport.
It was written by Sir David Rowlands.
The original document format was PDF File, and comprised 3 pages.The original document can be found here.
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"Until the necessary legislation is considered by Parliament and Royal Assent is given, there will be no change in the existing financial support arrangements for either Network Rail or the SRA. The SRA is a non-departmental public body incorporated under the Transport Act 2000. Although the SRA is not a Crown body, and its liabilities are not Crown liabilities, the Secretary of State has issued comfort letters stating that he would intervene in a timely manner to ensure that adequate funds would be made available to meet any financial obligations incurred by the SRA. Once the enabling legislation is passed, the comfort letters issued by the Secretary of State for Transport with respect to the SRA's liabilities towards Network Rail's borrowings will necessarily fall away, since the liabilities will thenceforth be enforceable directly against the Secretary of State."
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