Mr. Conor O'Kelly:

We are just looking at accommodation PPPs not including roads. The question is what is the cost of the debt. The cost of debt on current projects for the past 12 months for the average accommodation PPP, the majority of which are 25-year contracts, is approximately 2.5%. We are raising money at 2.5%. There is an equity component of approximately 10% of those so the all-in cost for the equity and debt of a PPP for us as a country entering into the contract is approximately 4%. Let us give a bit of room and say that it is between 4% and 5% depending on where rates are. The NTMA can borrow directly for that period for approximately 2%. One is essentially paying an additional 2% to 3%-----