Mr. Maurice Buckley:

The contract puts the risk on the operator, as all PPPs do. All around the world, including Europe, during the two years of the Covid period, there has been a debate on whether Covid and the restrictions on international travel are classed as a business risk or relate to force majeurecircumstances, being outside the normal circumstances. We are cognisant of that. The operators will argue and have argued that Covid is something exceptional that they could not have been expected to anticipate. We are going through the process at the moment. A decision has not been taken. There are pros and cons. We are looking at the financial aspect of the contract and the reduction in sums. As Accounting Officer for the overall project, I have to look at its outcome, which entails a huge building, a huge facility and the potential, or otherwise, to raise tourism numbers related to international business delegate tourism in Dublin. That was the original idea. I know hotel space is chock-a-block at the moment, but, over a 30-year timeframe, the idea is that the convention business would add significantly to Dublin as a city and tourism in Dublin.

Ultimately, it is a question of whether the operators will deliver on a thriving business when it is handed back to the State in 13 years. That is an important consideration for the committee also. Right now, we are looking precisely at the contractual terms and the management of risk in a PPP contract. I know the process has taken a little time but we have 13 years and will resolve this. Whatever decision we reach will be applied to the contract within that period.