Mr. Conor O'Kelly:

There would have to be risk-sharing for it to be considered off-balance sheet and that test, as we know, in terms of Eurostat, is continually assessed and tested. As the Deputy said, there must be risk-sharing and that risk burden must be there. If we go back to crisis, many of those who participated in PPPs - the construction companies and the financiers - will tell the Deputy that there certainly is risk-sharing because all projects in Ireland were abandoned and all the people who were participating, whether they were investors or others who had resources on the ground in terms of contracting, commitments, etc., essentially had to shut up shop. They took a substantial risk, and substantial losses, because they incur very significant costs in the bidding process and in even preparing the resources. The risk certainly does lie with many of them.