Mr. Conor O'Kelly:

I do not for a moment dispute that. In our commentary we talk about PPPs and risk transfer. It is quite an academic point about the cost. I appreciate that the cost is very significant. The collapse of Carillion is a travesty and a very significant event and the knock-on effects for Sammon and others have been very difficult. Sammon went into examinership and ultimately liquidation and there are lots of consequences of that. The Department of Education and Skills was procuring directly with Sammon in lots of different ways so the collapse of Carillion has caused very significant damage. I am not underestimating that in any sense. I am just saying the financial structure of the PPP has meant that the schools were built by Carillion and Sammon. They were paid and the equity providers into that vehicle have lost 90% of the value of the money and the State has not yet paid any monthly payments. We do not pay until the school opens.