Mr. Sean O'Connor:

Yes. Over the 25 years, they get whatever the agreed percentage is, say 3%, and then inflation is added to that every year, but not rent inflation. They do not want rent inflation.

The State's focus is too much about the balance sheet. PPPs are off the balance sheet. Enhanced leasing is theoretically off the balance sheet. This model, where the asset transfers to a local authority or to us would be classed as on balance sheet. There are ways around it. Deloitte is our auditor and its advice was there are ways around it. It is operating successfully elsewhere in Europe. My understanding and personal experience is that there are walls of money queuing to come into Ireland, not dubious money but ethical investment which is used to this type of investment in the United States and Europe, and we have not yet got a mechanism to deal with it. That is the main thing I would like to see. The State just has to pay the revenue bill and it does not score as public expenditure, so there is no pressure on the Exchequer from that point of view.