Table 3.

 Comparison of discounted costs of new hospitals under public and private finance before and after risk transfer (net present values)

Trust	Public finance (£m)	PFI (£m)	% Difference between public and private finance (£m)
Swindon and Marlborough
NPV	1246.7	1263.3
Risk adjusted	1311.3	1310.6	0.05
Value of risk	64.6	47.3
Risk as % of total capital costs to private sector		16.5%
Kings Healthcare
NPV	2935.4	2958.3
Risk adjusted	2960.1	2959.2	0.03
Value of risk	24.7	0.9
Risk as % of total capital costs to private sector		37.2%
St George's Healthcare
NPV	552.4	564.3
Risk adjusted	566.0	565.4	0.11
Value of risk	13.6	1.1
Risk as % of total capital costs to private sector		31.3%
South Durham
NPV	665.3	671.4
Risk adjusted	674.8	671.8	0.44
Value of risk	9.5	0.4
Risk as % of total capital costs to private sector		19.0%
Hereford Hospitals
NPV	665.9	680.3
Risk adjusted	692.6	685.1	1.08
Value of risk	26.7	4.8
Risk as % of total capital costs to private sector		34.2%
South Tees
NPV	201.7	230.5
Risk adjusted	271.6	232.3	14.47
Value of risk	69.9	1.8
Risk as % of total capital costs to private sector		50.4%

NPV=Net present value. 

Data from Department of Health.^{16 17}