Mr. Brian Murphy:

The NDFA is familiar with that report. My colleagues and I maintain extensive dialogue with our opposite numbers in the United Kingdom, both in the Treasury and the various procurement authorities, including Scottish Futures. The book on public private partnerships was written in the United Kingdom. The rest of the world has been learning from the United Kingdom. It is fair to observe that it has, to date, delivered 717 infrastructural projects which might not otherwise have been delivered and which have cost tens of billions of euro. We have studied closely the findings of the National Audit Office's report, the Chancellor's statement last week and also the introduction of the PF2 model which attempts to implement some of these conclusions and the lessons to be learned. The perception is that some of the value achieved has been retained in the private sector and that the taxpayer needs to see more of it. I refer to the example of Scotland where a new PFI-PPP model has been introduced which attempts to cap equity returns to the private sector. The jury is out in this regard and it remains to be seen whether it will work. The Scots have an ambitious PPP programme which is somewhat similar to ours and they aim to apply this model of capped returns. The ultimate barometer of success will be whether there is a competitive and active market for these projects.