Remember Allerdale, Waltham Forest, Hammersmith and Fulham? The failure of international banks almost a decade ago to force these UK local authorities to pay out on their swaps contracts and loan guarantees has held back the development of municipal finance in the UK. While municipal bond markets have grown up in many other European countries and even emerging markets, banks’ sour memories have hampered the UK private finance initiative (PFI), designed to encourage private financing of large infrastructure projects, including new road building, since its official launch several years ago.
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