Mr. John Coleman:

I guess the group structure would include special purpose vehicles, which would be set up in the normal course and would be consolidated upwards into the top company to facilitate risk isolation on particular sites, or as Ms Graham said, if we entered into a joint venture, JV, that might sit in a subsidiary or if there was a different activity, just to facilitate the activities in the normal way. That would be the purpose of the subsidiary entities.

In terms of the elevation of risk by joint ventures set out in paragraphs (j) and (k), aside from providing flexibility, given that we are setting the legislation for the long-term operations of the LDA, in many respects that could reduce risk. Having a joint venture with someone could be a risk mitigation strategy, whereby one would get someone else to put in money to the scheme, as opposed to just the State or the LDA being the sole investor in a scheme. In the case of a site assembly situation, where one might have a private sector operator beside a public sector site, it might be necessary to form some sort of JV there. They are just a couple of practical examples that might arise.