Mr. Conor O'Kelly:

From that point of view, the State would normally have paid out all the €90 million to build the schools to date and would still have all the problems that are there. In that particular element - the schools that are built to date - here is no financial obligation on the State for the schools that are built to date, and that risk has been borne, appropriately, because that is what the PPP is supposed to have done. Some of the questions in the past have been about risk transfer and whether a PPP really transfers risk and if the State is not on the hook anyway and how the State always has to pay for everything at the end of the day. This demonstrates for that particular piece that that is not the case. The risk has been borne by the PPP funders and the risk has not transferred back to the State. It has been owned by funders. They have lost the money and they are currently under value or under water on their equity and that is the way PPPs are set up. That does not mean we do not have to solve these other problems about the schools opening, but one would have to do that whether the construction was direct or indirect.