Securitization is likely to play a only minor role in the future of Britain's railways - despite the Government's intention to replace Railtrack with a non-profit company - according to a senior banker involved in drawing up restructuring proposals.

Robin Saunders, head of securitization and principal finance at West LB in London, said her team had been working "for months" on plans to refinance Railtrack's debt and obligations on the basis of equity participation. After Transport Secretary Stephen Byers announced the plan for a non-profit-making successor on October 16, however, Saunders said the West LB scheme would need to be adapted: "We will try to fit it in with their proposals."

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