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THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS

PUBLIC PRIVATE PARTNERSHIP IN HIGHWAYS: INSTITUTIONAL, LEGAL, FINANCIAL AND TECHNICAL ASPECTS. THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS. Antonio M. López Corral Professor of the Polytechnic University of Madrid Riga, May 9th, 2006. THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS.

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THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS

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  1. PUBLIC PRIVATE PARTNERSHIP IN HIGHWAYS: INSTITUTIONAL, LEGAL, FINANCIAL AND TECHNICAL ASPECTS THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS Antonio M. López Corral Professor of the Polytechnic University of Madrid Riga, May 9th, 2006

  2. THE SPANISH CONCESSIONAL MODEL – MANAGING RISKS • 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

  3. 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

  4. 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

  5. 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

  6. 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: alopezcorral@telefonica.net

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