- 23 Sep 2016
Project Bank Accounts (PBAs) are ring-fenced accounts which see payments made directly and simultaneously by a public sector client to members of the construction supply chain.
They were introduced after a 2013 procurement review.
PBAs improve subcontractors' cashflow and ring-fence it from upstream insolvency.
Following the introduction of CPN 1/2019 relevant public bodies must include a PBA in tender documents for public works contracts commencing procurement procedures from 19 March 2019 with an estimated value more than or equal to:
- £2,000,000 for building projects
- £5,000,000 for civil engineering projects
Other bodies that can award public contracts, and other organisations providing procurement routes for the construction of public buildings and infrastructure, are asked to:
- implement PBAs
- integrate the associated guidance into their procedures
Watch a video about PBAs.
The following Parliamentary Questions were answered in April 2018, providing updates on Project Bank Accounts:
- File type
- 64 page PDF
- 1.4 MB
- File type
- 3 page PDF
- 133.9 kB
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