the spanish concessional model – managing risks public private partnership in highways:...
TRANSCRIPT
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
PUBLIC PRIVATE PARTNERSHIP IN HIGHWAYS: INSTITUTIONAL, LEGAL, FINANCIAL AND TECHNICAL
ASPECTS
Antonio M. López CorralProfessor of the Polytechnic University of Madrid
Riga, May 9th, 2006
• ADMINISTRATION RISKS
– Causes de force majeur– Ius Variandi– Factum principis
– Unforeseeable facts (mediating sentence of the justice courts)
– Any other anticipated in the TOR– Patrimonial responsibility
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
• RISKS OF THE CONCESSION HOLDER
– Land acquisitions – Archeology founds– Administrative permissions – Construction– Demand (can be reduced but working
symmetrically in benefit of both parts)
– Availability
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
• RISKS OF THE CONCESSION HOLDER
– Signing the concession contract transfer the risks
– Price of risks is related with competitive tension (it is lower with an open competition)
– Concession holder transfer part of the risks to other actors (constructors, financial, insuring, operating, … ). Price of risks transferred depends of market prices
– Concession holder remain with the risks in which he is the most efficient
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
• RISKS OF OTHER ACTORS
– Absence of public guarantees for the financial one
– Some guarantees for little investors– Step in rights of the creditors
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS
Thank you
Antonio M. Lopez Corral
Professor of the Polytechnic University of Madrid
Tf.: (+34) 91 533 44 96
Fax: (+34) 91 533 44 96
E-mail: [email protected]