Avales y caución
Aval de restauración ambiental
Garantiza una obligación de restauración o de mantenimiento posterior de un emplazamiento impuesta por una autoridad urbanística o por la Agencia de Protección Ambiental, durante todo el periodo legal de mantenimiento posterior.
Boland's Quay, Dublín · William Murphy, CC BY-SA 2.0
Para quién es
Titulares de canteras, vertederos, parques eólicos y explotaciones extractivas
Qué hace
- Se emite en los modelos normalizados de las autoridades locales y de la EPA
- A largo plazo: se admiten periodos de mantenimiento posterior de 15 a 30 años
- Importe del aval indexado cuando la licencia lo exige
- Revisión anual de la estimación del coste de restauración
El producto en detalle
A planning permission or a waste licence for a quarry, a landfill or a wind farm carries an obligation to put the site back. The authority granting it wants to know that the money will be there when the site closes — which may be twenty-five years after the company that opened it has ceased to exist. So it requires financial security, in a form it can call on without litigation.
A restoration bond provides that security for the statutory aftercare period. It is the longest-dated instrument we write, and it is underwritten differently for exactly that reason: nobody can form a view of a company’s balance sheet in 2050. What is underwritten is the credibility of the restoration cost estimate, the profile of the site, and the arrangements — indexation, periodic review, staged reduction as land is restored — that keep the bond aligned with the obligation as decades pass.
Indexation is the part operators most often overlook. A restoration cost estimated today, guaranteed flat for thirty years, is not going to restore the site. Where the licence requires it, the bond value is indexed, and the annual review of the cost estimate is what keeps that number honest.
Documentación
La documentación de producto se facilita a los intermediarios acreditados. Pídala a su suscriptor o solicítela mediante el formulario de consulta.
- Texto de aval de restauraciónA petición
- Nota sobre los requisitos de la estimación de costesA petición
Cómo funciona
Qué ocurre, en orden
Desde la primera consulta hasta el momento en que la cobertura, el contrato o la línea queda en vigor.
The licence sets the obligation
The local authority or the Environmental Protection Agency specifies the restoration and aftercare required, and the security to be lodged. Their standard forms are what we issue on.
An independent cost estimate is prepared
By a competent person, priced at today’s rates, covering restoration and the full aftercare period. That estimate is the bond value.
The bond issues, indexed where required
CPI-linked if the licence says so, with the mechanism written into the wording rather than left to be agreed later.
Annual review, and staged release
The cost estimate is reviewed each year. Where the site is restored progressively, the bond can be reduced against certified restoration rather than held at its opening value for thirty years.
Las cifras
Un ejemplo resuelto
Cálculos ilustrativos, para que la forma del producto se vea en lugar de describirse. Nada de lo que aquí figura es una oferta ni una proyección.
A £900,000 restoration obligation over 20 years
A quarry operator holds a permission requiring restoration and a twenty-year aftercare period. An independent estimate puts the cost at £900,000 at today’s prices, and the local authority requires a bond for the full amount on its own form.
The operator is in band 2 with a parent counter-indemnity.
- Importe del aval
- £900,000
- Plazo
- 240 meses
- Tasa de prima indicativa
- 1.28% anual
- Prima por el plazo
- £230,400
- Comisión de emisión y formalización
- £450
- Gastos de revisión del texto
- £350
- Coste indicativo total
- £231,200
- Coste sobre el importe del aval
- 25.69% del importe del aval
Cómo se construye la tasa
- Tasa base — Aval de restauración ambiental1.15% anual
- Solidez financiera — Banda 2 — sólida y rentable de forma constante−5%
- Garantía aportada — Contragarantía de la matriz o de los administradores−10%
- Texto — Condicional: hay que acreditar el incumplimientoSin ajuste
- Beneficiario — Organismo público irlandés o británico, Revenue o HMRCSin ajuste
- Plazo — Más de 60 meses+30%
The figure above is the premium for the whole twenty-year term at today’s rate, and it is paid in full on issue: premium is not collected year by year. For a bond of this size the desk may agree instalments, on conditions the operator signs — payment undertakings, cheques, deposits or other security. The bond value is reviewed each year against the current cost estimate.
Why an unindexed bond stops being enough
The same £900,000 obligation, indexed at 2% a year against a bond fixed at its opening value.
Ver estas cifras en una tabla
| Restoration cost, indexed at 2% | Bond fixed at opening value | |
|---|---|---|
| Year 0 | £900,000 | £900,000 |
| Year 5 | £993,000 | £900,000 |
| Año 10 | £1,097,000 | £900,000 |
| Year 15 | £1,211,000 | £900,000 |
| Year 20 | £1,337,000 | £900,000 |
Idoneidad
Dónde encaja Aval de restauración ambiental
Los casos que resuelve, los que no, y lo que un suscriptor necesita antes de tarificar.
Es la respuesta adecuada cuando
- A permission or licence requires financial security for restoration and aftercare.
- The obligation runs for years or decades and cash cannot sensibly be lodged for that long.
- Restoration is progressive, so the bond can reduce as land is handed back.
Conviene mirar otra cosa cuando
- There is no independent cost estimate, so there is no bond value to write.
- The obligation is remediation of contamination already present, which is a different underwriting question.
Lo que necesitamos para tarificar
- 1.The planning permission or licence, with the restoration and aftercare conditions.
- 2.The independent restoration cost estimate, and the basis it was prepared on.
- 3.Accounts, group structure and the proposed counter-indemnitor.
Preguntas
Lo que los corredores nos preguntan sobre este producto
Can you really write a thirty-year bond?
Yes — aftercare periods of fifteen to thirty years are accommodated. The term is why the cost estimate is reviewed annually and why indexation and staged reduction are agreed at the outset rather than later.
Does the bond reduce as we restore?
Where the licence allows it and restoration is certified, yes. That is the single largest saving available on a long-dated bond, and it is worth asking the authority for at the permission stage.
What if the cost estimate rises?
The bond value is increased by endorsement at the annual review. An indexed bond does this automatically; an unindexed one needs the operator to act.
Solicitar información
Consúltenos sobre Aval de restauración ambiental
El formulario llega a un suscriptor en Dublín. Si es intermediario, indíquelo y lo dirigiremos a la mesa de corredores.