Rail finance

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This overview is a guide to the Banking & Finance content within the Rail finance subtopic, with links to appropriate materials.

Rolling stock procurement structures

New fleets of rolling stock for use in UK passenger operations are procured using a variety of different structures. The most straightforward structure involves an operating lessor purchasing a new fleet from a rolling stock manufacturer under a purchase agreement and leasing it to an operator. Once the rolling stock lessor has taken delivery of the rolling stock from the manufacturer its priorities will be to:

  1. •

    lease it to an operator (in order to generate income and thereby recover the cost of its investment in that rolling stock), and

  2. •

    ensure that arrangements are in place for that rolling stock to be properly maintained (to preserve its value and ensure its marketability for re-leasing upon termination or expiry

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