Mr. Chris Jones:

I could talk at some length on this subject. Legally, they are not because we provide an essential public service so under our legal system those assets always have to be able to be taken away and given to somebody else to provide that service. It is called a special administration arrangement. However, when we created our business model we secured the debt we raised on the share capital of Welsh Water. Ultimately, the people who have loaned us money could end up owning Welsh Water and its licence in the event that Welsh Water did not meet its debt payments etc.