Mr. Paul O'Neill:

That is not true. There was no default under our contract. The project company was performing and the project was performing. Even after the profit warning, construction works continued as normal. It escalated with the July 2017 profit warning and the Deputy is correct that things only got worse from that point. On 31 December last, Carillion committed its equity into the project fully. Even at that date, it was fulfilling its obligations under the contract. The way these projects are structured is that they are ring-fenced and do not rely on corporate facilities within the group. The funding debt and equity is ring-fenced. It was previously agreed at financial close that this money would go in. From that point of view, we were safeguarded. We were mindful of tracking the construction programme. At the end of December last, all schools were 90% complete and we were monitoring that throughout.