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  "notes": "The chart illustrates a cumulative growth curve of re-franchising activity.",
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      "text": "Refranchising profile",
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      "text": "FTAC payments: 95%",
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      "text": "Note: * Chiltern (31st Dec 2021) and Merseyrail (31st Jul 2028) are refranchised after the period shown in the chart above; ^ Scotrail, Merseyrail and LOROL FTAC estimated using FTAC apportionment from PR08 CP4\nSource: ORR; NR; DfT; L.E.K. analysis",
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      "text": "10 – Implementation: There is likely to be a fairly steady rate of re-franchising between 2012/13 and the end of CP5, by when new, long term franchises will account for c.95% of FTAC payments",
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