Mr. Michael Nolan:

That is fair. On the variable operation payments in respect of the Limerick tunnel and M3, at the time, we had gone through a series of PPP projects where all of the demand risk was taken on by the PPP companies and concessionaires. At the time of the development of the M3 and Limerick tunnel, because of the scale, complexity and risk associated with these schemes, the industry was not able or willing to take on all of the demand risk. We had an option of the State sharing the risk with the PPP concessionaire or taking all the risk. What we did in the end was share the risk with the concessionaires on those two schemes. With the traffic levels and growth rate we have experienced over the past few years, some of the risks we had envisaged or contemplated will not materialise.