Mr. Brian Murphy:

Yes. I sense they may not be too happy. I made the point that the capital which is provided for PPPs is internationally mobile. This is an international market, not an Irish market or a UK market or even a European market. It is a global market. The capital is very fungible, very mobile and will migrate to where the perceived returns are best. For instance, Scotland has introduced a new model of PPP where the returns for equity holders are capped. This sounds great and is marvellous protection for the taxpayer, but if investors do not take the bait, then projects will not be built. It is a difficult and very challenging balancing act. Our role is to ensure the best value for money for the taxpayer. This would imply minimising the equity return to the private sector. On the other hand, it is essential to attract sufficient interest from the private sector to create the value for money, to get the competitive tension going. It is a delicate balancing act.

Deputy O'Donnell made a good point about bonds in the Irish market. This is a concern to us. I will ask my colleague, who is head of procurement, to deal with it.