EMAs with franchised operators were set up by the DfT to ensure the continued operation of passenger transport during the coronavirus pandemic, when lockdown operations caused a drop in passenger numbers and, consequently, revenues. In the context of EMAs, dfT waives the operator`s turnover, cost and capital risk and pays a fixed administrative fee with the potential for a small performance-based remuneration. These agreements will suspend the normal financial mechanisms of franchise agreements and transfer all revenues and cost risks to the government. Operators will continue to provide daily services for a small pre-set administrative fee. .