Financial ring-fence


Condition 4 (financial ring-fence) of Network Rail's network licence includes a number of provisions.

These provisions:

  • protect Network Rail's funders and customers from the company being exposed to risks that are not part of its role as the GB rail infrastructure operator. In other words, Network Rail is restricted from taking part in activities that are not part of its core business; and
  • require Network Rail to prepare and submit Regulatory accounts.

Network Rail can seek our consent to get involved in some restricted activities. We consider each submission for consent on the basis of the information provided to us and having regard to our duties under the Railways Act.