Mr. Michael Nolan:

In the case of the Waterford city bypass, all of the risk is owned by the private sector. The State is not going to jump in to take on any of the risk. The traffic volume targets set by the PPP company have not been met and the State is insulated from the lower than expected demand. We see no reason to jump in on the State side and expose taxpayers' money to buy something that has been constructed entirely at the risk of the private sector.