1. The document discusses Project Bank Accounts (PBAs), which are bank accounts set up to ensure timely payment to contractors and subcontractors on construction projects. 2. The Welsh Government has implemented a policy requiring PBAs for capital projects over £2 million to address issues like contractors waiting over 100 days to be paid. 3. A cost-benefit analysis found that the benefits of PBAs, like improved cash flow, outweigh the costs for all parties involved in construction projects.

1. Project Bank Accounts
Paul Wintle – Programme Manager
Construction Futures Wales

2. • Primarily Welsh SMEs (but also larger cos.)
• Appetite and or potential to grow
• 10 + Employees
• T/O £500k +
• ‘Apply Now Button’
• 13 Point Basic Health Check/Filter (4 mins.)
Target Market?

3. www.constructionfutureswales.co.uk
www.dyfodoladeiladucymru.co.uk
✉ paul.wintle@citb.co.uk ☎ 07919304567
✉ rachel.davies@be-group.co.uk ☎ 07867392036
✉ rob.beattie@enterprise.uk.com ☎ 07590710701
Click ‘Apply Now’ to start the process
How can I access this?
CFW_Wales
Construction Futures Wales

4. Applying Project Bank Accounts (PBA) Policy
in the 21st Century Schools Programme
Brendan Burke
Value Wales – Procurement Policy
Welsh Government
21st Century Schools programme
12th November 2018, Bodelwyddan
19th November 2018, Llanelli
26th November 2018, Cardiff

5. • The Welsh Government is committed to using procurement as a lever
for driving economic, social and environmental benefits and supporting
jobs and growth.
• Public procurement should help promote Wales as a good place for
doing business and should provide mechanisms that allow suppliers of
all sizes to flourish.
• Welsh Government encourages use of Project Bank Accounts (PBAs) as
a means of addressing poor payment practices in public sector supply
chains by facilitating fair and prompt payment.
Policy Drivers?
• PBAs a condition of funding for all Band A and Band B capital funded
projects receiving Investment Panel funding approval after 1 January
2019.
PBA Policy in the 21st Century Schools Programme

6. • A PBA is a bank account that may or may not be interest bearing, set
up under a Trust Deed arrangement that ensures that payments from
the client to the lead contractor and the supply chain are made
promptly.
• This ensures money is not held up as it makes its way down the
supply chain and removes the opportunity for payment abuse e.g.
extended payment terms being applied by the main contractor;
protracted payment procedures being applied.
What are Project Bank Accounts?

7. What are Project Bank Accounts?
• Once monies are paid into the account they are only accessible to
the parties to the trust deed.
• Safeguards supply chain parties in the event of insolvency of main contractor.

8. • What is the problem, why are PBAs needed?
‘Historically, it is has not been unusual for lower tier supply chain
members to have to wait for up to 100 days to receive payment,
which damages their cash flow and can harm their business.’
2012 UK Govt. Cabinet Office PBA Briefing Document
Policy Drivers?

9. • What is the problem, why are PBAs needed?
‘Historically, it is has not been unusual for lower tier supply chain
members to have to wait for up to 100 days to receive payment,
which damages their cash flow and can harm their business.’
2012 UK Govt. Cabinet Office PBA Briefing Document
58% of respondents had experienced payment periods in excess of 30
days where they were main contractors to public sector clients.
72% of respondents reported payment periods in excess of 30 days
where they were sub-contractors on public sector projects.
2017 Specialist Engineering Contractors Group (SEC Group) survey Nov’16 – Jan’17
Policy Drivers?

10. • What is the problem, why are PBAs needed?
‘Historically, it is has not been unusual for lower tier supply chain
members to have to wait for up to 100 days to receive payment,
which damages their cash flow and can harm their business.’
2012 UK Govt. Cabinet Office PBA Briefing Document
58% of respondents had experienced payment periods in excess of 30
days where they were main contractors to public sector clients.
72% of respondents reported payment periods in excess of 30 days
where they were sub-contractors on public sector projects.
2017 Specialist Engineering Contractors Group (SEC Group) survey Nov’16 – Jan’17
Policy Drivers?
‘Around £50bn is “locked up in late payments”, negatively impacting the
UK's small business community’.
2018 Supply Management Daily Aug’18
Research by Hitachi Capital Business Finance

11. 1. PBA Policy effective from 1st Jan 2018 to:
* EXEMPTIONS to the £2m threshold are
a) UNLESS there are compelling reasons not to do so. Where compelling
reasons are identified, a decision report detailing those reasons must be
completed and filed to allow for audit.
b) Projects / Contracts shorter than 6 months
c) If the successful bidder (i.e. tier 1) gives a firm undertaking to self-deliver
and/or to use subcontractors from within the parent company to which the tier
1 also belongs, such that either one or a combination the above conditions
covers over 75% of the main contract award value.
2. All Welsh Government (WG) contracts valued at £2m* or more where:
Main features of the Welsh Government PBA Policy
a) WG is the client (Delivered directly by or on behalf of WG Departments)
b) WG can apply conditions of funding (Part or Grant funded by WG e.g. 21st CS)

12. IN ALL CASES WERE A PBA IS APPLIED Tier 2 or lower tier suppliers will be
engaged as follows:
a) Tier 2 or lower tier suppliers who account for at least 1% of the main contract
award value must join the PBA;
b) Tier 2 or lower tier suppliers who account for less than 1% of the main
contract award value, should be allowed to request to join the PBA.
c) Acceptance of such a request to join the PBA will be subject to the agreement
of the trustees and the main contractor.
Main features of the Welsh Government PBA Policy

13. • The Public Sector will be encouraged to follow PBA policy as fair and
prompt payment ‘good practice’.
• Helps meet Principle 5 of the Code of Practice - Ethical Employment in
Supply Chains, ‘…our organisation will…
5. Ensure that the way in which we work with our suppliers does not
contribute to the use of illegal or unethical employment practices within the
supply chain. We will:
5.2 Ensure that our suppliers are paid on time – within 30 days of receipt
of a valid invoice.
How Does the PBA policy apply to the wider public sector in Wales?

14. ‘…analysis suggested that the benefits of introducing PBAs would outweigh
the costs of doing so.’ *
Cost-Benefit Analysis (CBA) compares the costs and benefits of a proposed
action to a base case or ‘do nothing’ alternative.
Cost Benefit analysis of PBAs
Queensland Dept. of Housing and Public Works (Delloitte, July 2017)
*Analysis of security of payment reform for the building and construction industry – addendum report
Prepared for the Queensland Department of Housing and Public Works (Delloitte July 2017)

15. Cost Benefit analysis of PBAs*
‘…analysis suggested that the benefits of introducing PBAs would outweigh
the costs of doing so.’
Cost-Benefit Analysis (CBA) compares the costs and benefits of a proposed
action to a base case or ‘do nothing’ alternative.
Government
Due to a reduction in project costs from
reduced subcontractor pricing to reflect the
reduced risk of delayed or non-payment.

16. Subcontractors
Due to better cash flow and avoidance of
bridging finance costs; Reduced payment
dispute resolution costs.
Cost Benefit analysis of PBAs*
‘…analysis suggested that the benefits of introducing PBAs would outweigh
the costs of doing so.’
Cost-Benefit Analysis (CBA) compares the costs and benefits of a proposed
action to a base case or ‘do nothing’ alternative.

17. Head Contractors
Due to a reduction in working capital from not
holding monies due to supplier chain members,
but benefits from reduced payment dispute
resolution costs.
Cost Benefit analysis of PBAs*
‘…analysis suggested that the benefits of introducing PBAs would outweigh
the costs of doing so.’
Cost-Benefit Analysis (CBA) compares the costs and benefits of a proposed
action to a base case or ‘do nothing’ alternative.

18. Cost Benefit analysis of PBAs*
‘…analysis suggested that the benefits of introducing PBAs would outweigh
the costs of doing so.’
Cost-Benefit Analysis (CBA) compares the costs and benefits of a proposed
action to a base case or ‘do nothing’ alternative.
Net Benefit to society
Government + Subcontractors – Head contractors

19. Cost Benefit analysis of PBAs*
The cost-benefit analysis identified the following significant benefits and costs
Benefits
• A reduction in project costs through increased certainty of payment. enables
better pricing from subcontractors due to reduced of delayed or non-payment,
which led to a reduction in overall project costs.
• Compared to traditional payment regimes PBAs can deliver savings of around
1% of the contract value.
• An improvement in working capital for subcontractors. This is a result of improving
speed of payment to subcontractors under a PBA scheme. Puts money to work
in the economy previously tied up pending payment.
• Certainty over how much and when payment will be made builds trust between
supply team members and underpins collaborative working to achieve value for
money projects for clients.
Research by the UK Fair Payment Working Group

20. • Better legal compliance for clients inc. the public sector
• Late Payment of Commercial Debts (Interest) Act 1998, allows
businesses of any size including public bodies to charge or be charged
statutory interest on late payment of undisputed invoices within 30 days.
Costs
• A reduction in working capital for Tier 1 / Main contractors.
• Additional costs to the Public sector in on-going administration and
compliance costs - client in acting as trustees for PBAs.
Cost Benefit analysis of PBAs*
Benefits

21. Questions or queries
• Value Wales mailbox: VWPolicy@gov.wales
Guidance documents
• Project Bank Accounts – Procurement Advice Note (PAN) December 2017
• Guidelines for deploying Welsh Government Project Bank Account Policy –
December 2017
Further information

22. Applying Project Bank Accounts (PBA) Policy
in the 21st Century Schools Programme
Brendan Burke
Value Wales – Procurement Policy
Welsh Government
Email:VWPolicy
21st Century Schools programme
12th November 2018, Bodelwyddan
19th November 2018, Llanelli
26th November 2018, Cardiff

23. Project Bank
Accounts
This presentation contains commercially sensitive information – not for onward distribution

24. 24
Process to open a PBAFeatures of a PBA
 “Joint Account” between two parties
 Held in trust
 Ring-fenced funds
 Operational Account
 Dual control of funds allowable
 Electronic access only (no cash or cheques)
 Credit Balance Only – no borrowing allowed
 Standard account and electronic tariff
packages apply
Requirements to open a PBA
 A Trust Deed – we only need proof it exists
 PBA application – with a professional witness
to the Trust Deed
Client request
KYC
requirements
Account
Opening
Online Banking
 Request via Email or phone
 PBA application form
& T& Cs
 Key information such as:
 legal structure of the business
 source and purpose of funds
 key signatories
 Once all docs returned
and KYC satisfied, an
account number and sort
code are generated
 Access to PBA via your
LBG existing online banking
channel
 Dual authoriser and/or dual
administrator of the PBA
PROJECT BANK ACCOUNT
Ring-fenced, held in trust
supports fast movement of funds from client to subcontractors

25. KEY REQUIREMENTS AND DEMYSTIFYING USE
25
PBA Myths vs. Reality
1. They are expensive to run
 Pricing in line with your existing corporate
tariff (include transaction and account
fees)
2. They are hard to set up
 KYC is the key part of the process and
supplying the right info is mostly on client’s
end
3. They are only for large projects
 A PBA may be applicable if over certain
value thresholds (£2m+) and/or numerous
subcontractors that require payment
4. They account has to be pre-funded
 Money is only paid into the PBA when a
payment is then due to subcontractors, it
should operate at a zero balance
KYC requirements
1. Details of the project
2. Details of the customers and suppliers
3. Principal place of business
4. Financials e.g.: expected annual turnover,
source of first deposit into the Account,
nature of payments
5. ID/KAP form for Authorised Representatives
(usually Directors of the two entities)
6. KYC on each of the PBA account parties to
include structure chart and identification of
directors along with an understanding of the
business

26. 26
Requirement to open a new
physical bank account per
PBA
Difficulty on boarding sub-
sub contractors onto the
PBA
Reporting on KPIs and monitoring
performance is manual and time consuming
TECHNOLOGY AS AN ENABLER

27. IN SUMMARY
27
Lloyds Bank is committed to supporting a strong, transparent and
resilient UK Construction Supply Chain, capable of delivering first
class Infrastructure
Robust Terms and Conditions
Step-in rights ensure the supply chains
will continue to operate effectively
regardless of circumstances
Credit Interest
Linked to Bank of England Base Rate
and paid monthly against balances
in the account
Solid counterpart
Placing funds with a low risk institution
backed by a strong capital position
Future proofing
Thinking beyond current use of PBAS,
looking at seamless integration with
payment & invoicing systems

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28
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30. Operation of Project Bank
Accounts at Highways England
Saroj Bhatoa

31. Our Approach to PBAs
• Use of PBAs are compulsory across all contracts awarded in
HE. (‘unless compelling reasons not to do so’).
• HE operate the Single Authority Model
• Use standard NEC3 ECC Option Y clauses in our contracts
• Policy is to pay down to Tier 3 level
• Contractor free to decide upon project bank as long as it
meets minimum requirements
• HE - PBA agreed/signed RACI in place

32. Payment Route

33. PBA payment
days mechanism
Future Government departments will specify the
following contractual last dates for payment
(from the assessment date) across the supply
chain:
• Employer to tier 1-14 days ( i.e. Tier 1
Contractor Costain)
• Tier 1 to Tier 2 and 3 - 7 days (i.e. Tier 2 P & D,
Tier 3 Safe lanes ) M1 J19-16

34. What are the benefits?
• Protects funds in the event of lead contractor
insolvency
• Visibility/transparency of supply chain-identity, nature
of sub contracts and cash flows down the lower tiers
• Ease of compliance with the Government Fair Payment
Charter principles
• Drive efficiencies
• Reduce cash flow issues down the supply chain (SMEs)
to enable effective delivery of the Roads programme
• Reduce the harm due to late payment practices on
“mental health” wellbeing on SMEs

35. What are the benefits?
• Reduction in disputes within supply chain
• Future investment opportunities for SMEs
• Integrated Supply Chain
• Easier measurement of payment timescales
across supply chain
• Provides security and certainty of payment
and minimise unnecessary costs such as
financing charges

37. Contractors
responsibilities
• The Contractor nominates a preferred PBA bank
supplier
• Set up PBA and notify details to Highways England
• Prepare and sign Deed of Trust and Joining Deeds
and forward to Commercial team
• Notify bank of agreed named supplier details
• Propose PBA named suppliers expectations for HE
consideration
• Prepare monthly assessments and supporting
breakdown

38. Contractors
responsibilities
• Instruct bank to pay in accordance with details
agreed with HE
• Facilitates HE having ‘view only’ access to PBA
• Provide PBA management information
required by HE
• Ensures that 80% of the Sub Contract value
paid directly via PBA
• Comply with agreed PBA processes

39. Success story M4/M5
• Delivery Partner- Balfour Beatty
• One of the earlier scheme to use PBA
• BB signed up 32 suppliers to the PBA,
representing 86 per cent of its supply chain.
• Overcame a number of challenges
• Use of PBA been praised
• Continue to build on the success in other
schemes awarded to BB

40. Feedback Received from
the Supply Chain
“We have been very impressed with the seamless and timely payments. We receive clear
notification of money due on a monthly basis and this assists us greatly with cash flow
forecasting. We believe that Project Bank Accounts have worked well for the supply
chain.”
Supplier A
“The PBA enables us to manage our business more effectively from a cash flow
perspective and enables us to pay our suppliers on a similar basis reducing their cash flow
borrowing and associated costs.”
Supplier B
“The Project Bank Account worked very well and we were very pleased with the way it
was administered. Once an application has been certified payments were always made in
line with the agreed schedule. We were also able to pass on these positive aspects of the
Project Bank Account to our supply chain who also benefited from it.”
Supplier C

41. Success story
M6 J10a to13
• Delivery Partner- Carillion
• Carillion signed up 53 suppliers to the PBA,
representing 96 per cent of its supply chain
over the last 9 months.
• Lesson Learnt meeting took place after
scheme was final account

42. PBA Statics &
Performance
• Latest figures declared £15.0 billion (delivered by
2020)
• Q4 17/18 figures 27% (SMEs)
• Highways England represents 89% of all PBAs in
operation
• Positive feedback received -Praised by SEC Group
• World leaders – best in class in prompt payment

43. HE Progress
• Chaired the Fair Payment Working Group that
sits below GCB
• Working closely with DPs to get Tier 3 signed
up to PBAs
• Production of supplier intelligence
• Routes to Market
• Continue working closely with Cabinet Office
• Audit

44. PBA Dashboards
22%
24%
26%
28%
30%
32%
34%
Percentage
SME % Spend Chart 2013-2016
SME spend
via PBA
Current
Baseline
Governem
ent
Baseline
2020
£0
£5
£10
£15
£20
£25
£30
£35
£40
Millions
PBA Remaining Balances
Total
remaining
balance
per month

45. Communications/
Stakeholder Management
• Advised other departments e.g. Queensland
State Government, Wales and Scotland
• Attended and presented at the Constructing
Excellence Members Forum with Environmental
Agency
• Engagement with Tier 2 supply chain
• Training sessions and awareness of PBA with
main contractors and individual schemes teams
• One to one awareness of the process
• Various press articles

46. Liquidation – case study
• PBA was an untested initiative
• Positive recognition received from Rudi Klein
• Provided advise and support to Network Rail
in implementing PBAs within there
organisation.
• Working with HS2 to help them administer the
use of PBAs

47. In the Press…

48. Further Reading…
• Review undertaken in June 2015 of
Highways England progress to date
• Report available on SEC website. See
Implementation of PBAs Across Highways
England
• Contains further detail about how PBAs
were set up, performance, efficiency
savings etc.
• Published guidance (2012) on gov.uk by
Cabinet Office
• https://www.gov.uk/government/publicati
ons/project-bank-accounts
Implementation of Project Bank Accounts across Highways England
Abstract
Across the construction industry it has not been unusual for lower tiers of the supply chain to wait up to
100 days to receive payment. Such inefficient payment practices damage supply chain cash flow and
results in additional financing requirements that the client has to ultimately pay. In 2009 the Government
Construction Board decided to introduce Project Bank Accounts (PBAs) as a means to address these
concerns unless there are compelling reasons not to do so. PBAs are designed to ensure security and
certainty of payment to the supply chain down to Tier 3 level and involve making payments through a
specific ring fenced bank account set up for a particular scheme. They also ensure speed of payment
and drive efficiencies that can be passed onto the client as a result of reduced financing requirements.
The paper discusses the reasons for introducing PBAs across Highways England schemes and the
benefits they have brought to both the client and supply chain.
Lloyd Biddell
Cost Intelligence Team Leader
Commercial & Procurement Directorate
Highways England
The Cube
199 Wharfside Street
Birmingham
B1 1RN
United Kingdom
Email: lloyd.biddell@highwaysengland.co.uk
Telephone: 07789 746 119

49. Any Questions

50. Project Bank
Accounts Event
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