Mr. Nigel Walsh:

Deputy Barrett mentioned low interest rates. I wish to provide some facts. The N25 New Ross bypass is an availability PPP and is funded by a project bond involving a pensions company, Allianz, which is the senior lender. The all-in interest rate for the senior debt is 2.68%, with a debt tenure of 27 years. The interest rate of 2.68% for that length of term is fixed. We are hedging that risk and we are also transferring significant risk, whereas with traditional procurement we were otherwise having to self-insure against it. We acknowledge that the sovereign can borrow for approximately 30 years at approximately a 2% interest rate, so there is that premium. However, there is additionality with the PPP in terms of the risk transfer and the fixing for the period involved.