Mr. Peter Strachan:

That is absolutely right. Provided we can all get our heads around the depreciation and amortisation curves in rail, the asset you create, as the Deputy rightly observed, has a potentially long life. Therefore, the business case in some instances can be more attractive by doing that. However, if overall funds are not available, it is difficult to make that case in the first place. That is why something like piggybacking - if I may call it that - on a potential TEN-T source of funding can be looked at but should not be grabbed at all costs. There is always a risk, if something comes in from another funding partner, of thinking we have that money now and we need to spend it. It makes the cases potentially stronger if those funds are available. Let us not run off and do a project just because we have the funding.