Mr. Michael Nolan:

I will give a broad response and I will hand over to Mr. Kennedy. As he said, the decision at the time of the first tranche of six PPPs was that all the traffic risk and management risk would be taken on by the PPP concessionaire. In the next few schemes, because of the complexity and the risk regarding traffic diversion rates - the M3 because of its size and scale and the M18 where the risk was contingent on traffic measures within Limerick city - it was decided that rather than the State taking on all the risk relating to traffic that there would be risk sharing. The choice was sharing some risk of the demand with the PPP concessionaire or the State taking all the risk and locking in that risk for the duration of the contract.