HISTORIC PRESS RELEASE : City heavyweight to head Treasury´s PFI Taskforce [August 1997]

The press release issued by HM Treasury on 14 July 1997.

Paymaster General Geoffrey Robinson today appointed Adrian Montague, Co-Head of Global Project Finance at Dresdner Kleinwort Benson, as Chief Executive of the Treasury’s PFI Taskforce.

Mr Montague (49) will join the Treasury on 15 August. The Taskforce, established within the Treasury following the recent review of private finance by Malcolm Bates will be the focal point for PFI and other Public/Private Partnerships.

Mr Montague will report directly to the Paymaster.  His responsibilities will include signing off the commercial viability of all significant projects entering procurement for the next two years.

Commenting on today’s appointment, Mr Robinson said:

“I am delighted to welcome a Chief Executive of Adrian’s undoubted pedigree.  He faces a great challenge at an exciting time and I will give him all the help he needs. I am grateful to Dresdner Kleinwort Benson for their co-operation in releasing him.

“The commitment of this Government to realising the full potential from effective Public/Private Partnerships is second to none.  We took action to reinvigorate PFI within weeks of taking office.  First, we scrapped the nonsense of universal testing.  Now legislative changes and the Bates review are putting business on a firm long-term footing.”

On hearing the news that Mr Montague had been chosen, Malcolm Bates said:

“It is excellent that the Government has moved so swiftly to create exactly the sort of Taskforce I had in mind. Adrian Montague fits the bill perfectly as Chief Executive of Projects.  The Policy team working alongside him has already begun its work.”

Welcoming his new challenge, Adrian Montague said:

“My first step is to attract a top quality Taskforce. This will help me deliver my ambition of making the Taskforce a hallmark of excellence and a guarantee of delivery.  I want to create close relationships with departments in order to develop a good flow of strong and well-structured projects.”

Lord Walker, Chairman of Kleinwort Benson Group plc. added:

“PFI is an important part of our worldwide project finance business and we welcome the steps the Government has taken to improve the delivery of projects.  We are proud that Adrian has been appointed to this pivotal role in PFI and wish him every possible  success.  Knowing him, I am sure he will achieve his objectives.”