Mr. Conor O'Kelly:

We have what we describe as a double bottom line. For investment to get through the pipeline and ultimately the investment committee, it must have a demonstrable economic impact and a commercial return which is risk adjusted and proportionate. Certain types of transaction demand a higher return than others. We decide the criteria based on similar investment opportunities and peer comparisons. The blended return is the return we get on all of our investments together. Ultimately, it should exceed the cost of borrowing; otherwise, the State would not be benefiting.