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  "notes": "The slide discusses specific issues related to Network Rail (NR) cost base, FTAC allocation methodology, and the potential for adversarial relationships between operators and infrastructure managers.",
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      "text": "ORR/ATOC/Network Rail. Rail industry cost and revenue sharing.",
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      "text": "Many of the issues with Options 1 and 2 that were listed earlier would still apply for the partial FTAC exposure approach. In particular, train operators would still be exposed to significant regulatory risk regarding NR's baseline.",
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      "text": "In addition, there would be a number of FTAC specific issues: FTAC is the residual amount; allocation methodology impacts; need for confidence in efficiency improvements; impact of government decisions on revenue requirements.",
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