Mr. Brian Murphy:

That is a fair observation. What the private sector really wants is certainty of pipeline. It wants to be able to see that in the next few years there will be a flow of projects, but it needs to feel confident that these projects will be delivered. This gives it confidence to bid. Many of the investors are professionals, or big boys, and understand they can lose money and will not win all bets. However, they also want to understand that if they are to commit equity, they will have a chance of gaining on a deal, even if they have lost on one previously. They want to see that there is a pipeline of projects.

We have been talking to participants in the market, not just domestically. As stated, most of the equity for PPPs comes from investors overseas. Therefore, we have been talking to investors overseas. While they are delighted and welcome the stimulus package as being very good, they are asking to be shown the money and whether the projects will come on-stream. As there is an element of doubt, we have a big selling job to do.