Cautionnement et garanties
Caution de remise en état environnementale
Garantit une obligation de remise en état ou de suivi post-exploitation d'un site imposée par une autorité d'urbanisme ou par l'Agence de protection de l'environnement, pendant toute la durée légale du suivi.
Boland's Quay, Dublin · William Murphy, CC BY-SA 2.0
À qui il s'adresse
Exploitants de carrières, de centres d'enfouissement, de parcs éoliens et de sites extractifs
Ce qu'il fait
- Rédigée selon les formulaires types des collectivités locales et de l'EPA
- Longue durée : périodes de suivi post-exploitation de 15 à 30 ans admises
- Montant de la caution indexé lorsque la licence l'exige
- Révision annuelle de l'estimation du coût de remise en état
Le produit en détail
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.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Texte de caution de remise en étatSur demande
- Note sur les exigences relatives à l'estimation des coûtsSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
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.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
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.
- Montant de la caution
- £900,000
- Durée
- 240 mois
- Taux de prime indicatif
- 1.28 % par an
- Prime pour la durée
- £230,400
- Frais d'émission et de mise en place
- £450
- Frais d'examen du texte
- £350
- Coût indicatif total
- £231,200
- Coût rapporté au montant de la caution
- 25.69% du montant de la caution
Comment le taux est construit
- Taux de base — Caution de remise en état environnementale1.15 % par an
- Solidité financière — Tranche 2 — solide et régulièrement rentable−5%
- Garantie apportée — Contre-garantie de la société mère ou des dirigeants−10%
- Texte — Conditionnelle — le défaut doit être établiAucun ajustement
- Bénéficiaire — Organisme public irlandais ou britannique, Revenue ou HMRCAucun ajustement
- Durée — Plus de 60 mois+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.
Voir ces chiffres sous forme de tableau
| Restoration cost, indexed at 2% | Bond fixed at opening value | |
|---|---|---|
| Year 0 | £900,000 | £900,000 |
| Année 5 | £993,000 | £900,000 |
| Année 10 | £1,097,000 | £900,000 |
| Année 15 | £1,211,000 | £900,000 |
| Année 20 | £1,337,000 | £900,000 |
Adéquation
Où Caution de remise en état environnementale trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- 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.
Il faut regarder ailleurs lorsque
- 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.
Ce qu'il nous faut pour tarifer
- 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.
Questions
Ce que les courtiers nous demandent sur ce produit
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.
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