Mr. Paul O'Neill:

The way we look at it is that over the years, from a construction point of view, there is not much difference in building by the Exchequer and by PPP. As the Deputy said, the same input costs and so on are incurred. It is a fair point to say that if there are also funding costs, then surely PPP is more expensive. It is actually because of the 25-year facilities management and life-cycle costs. It is through the economies of scale and the associated savings that this partner can make by taking a 25-year outlook on those costs. The savings they can make in that respect outweigh funding costs.