A typewritten document titled Key Facts on other countries’ rail privatisation plans summarises the rail situations in four countries. In Argentina, annual losses of £400 million are recorded, with plans for long-term private sector concessions while the state retains track ownership. France faces high subsidy costs, largely to service a £14 billion debt, and has no immediate plans to privatise. Germany anticipates a £5.5 billion loss in 1992 and intends to restructure its rail system into separate sectors ahead of privatisation in the next century. Japan restructured its railways in 1987, dividing the national network into seven publicly owned companies, with plans to float shares when market conditions improve.