Release date: 13 March 2006
Promoter – Financial Intermediary
The Royal Bank of Scotland, a major participant in the UK retail mortgage market, and also having a leading position in the financing of urban renewal/regeneration in the social housing sector.Location
Description
Medium to large sized urban renewal projects. The Promoter will use the proposed EIB funding structure to provide benefit to eligible UK-based capital expenditure projects undertaken by Registered Social Landlords ("RSLs"), including those which involve substantial renewal/refurbishment programmes of social housing stock in designated urban renewal areas, following the transfer of such stock to RSLs from local council ownership. ("Large Scale Voluntary Transfers" or "LSVTs").
Comments
Urban renewal/regeneration.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to GBP 250 million.
Total cost (Approximate amount)
In excess of GBP 500 million.
Environmental aspects
The sub-projects fall under Annex II of Directive 97/11/EC, where the decision on the applicability of an Environmental Impact Assessment is left to national environmental authorities. The renewal/regeneration sub-projects are, in most cases, subject to the environmental requirements of prevailing public planning regulations. The sub-projects' impact on the environment should be substantially positive, since it is likely to result in better thermal insulation and correction of non-traditional construction techniques, as a result of more stringent housing standard requirements of the Housing Corporation (the sector's regulator). The sub-projects are also most likely to lead to more rationally planned use of inner city areas.
Procurement
Contracts for the implementation of the sub-projects are tendered in accordance with the relevant EU procurement legislation (Dir 2004/18/EC and/or 2004/17/EC), with parallel publication of tender notices in the EU Official Journal, as and where appropriate.
Status
Signed - 25/04/2007
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).