Mr. Brian Murphy:

We have visibility on that return. We see the financial model. We see the bid that comes in and we assess it against the benchmark, as we explained earlier. We see the financial structure - how much is equity, how much is mezzanine, how much is senior debt. We can see if a tender is reasonable and whether it is within the range of expected return for that type of project.

The UK national audit office has carried out some very interesting work. We have studied the reports very diligently. We agree with some of the conclusions and we disagree with others. We have been following the PF2 initiative, which the Chancellor announced last Wednesday. We have examined some of the proposed innovation which addresses in some way what the Deputy was asking about. We see that there are some good ideas but we also have some reservations.