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August 17, 2010

London switches from PFI to conventional contact

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TRANSPORT for London (TfL) has ended its Prestige public finance initiative (PFI) contract with the TranSys consortium of Cubic Transportation Systems and HP Enterprise Services and replaced it with a conventional contract with Cubic.
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The PFI contract was awarded in 1998 for a period of 17 years to install new fare collection equipment and so introduce the Oyster smart card system in 2003.
TranSys took on £190 million of debt to fund the PFI and TfL has repaid the outstanding £101 million. TfL has also purchased the rights to the Oyster brand for £1 million. TfL says the new contract with Cubic for all transport ticketing will save about £10 million a year.

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