Mr. Michael Kennedy:

There is a construction risk. In the case of the Limerick city tunnel project, it was very high risk. The M3 Clonee-Kells project was significantly sized and our concern was to ensure we had a sufficiently competitive tendering process. If one takes the Limerick city tunnel project, not every contractor will participate in a tunnel project, to which there is a very high risk attached. They typically overrun, if one looks at the experience abroad; therefore, we wanted to mitigate some of the risk. There is certainly a risk transfer and as such, one does have to pay for the risk transferred in a contract. We also look after the State in terms of the upside. Members will see in their briefing packs that we do share some of the revenue. As it turns out, from here on, the revenue-share on a number of the contracts will be greater than what we are paying in respect of traffic guarantees.