Mr. Kevin Meaney:

When the pros and cons of PPPs are considered, it is very much acknowledged that in most cases it is cheaper for the State to borrow so that cost of the financing component is always flagged. It could be cheaper for the State to borrow given central banks' borrowing.

Within the public sector benchmark, that is part of it. The PPP company tender price obviously does include the cost of finance whereas the public sector benchmark, or the public sector cost, essentially treats finance as free, or it is not included in the calculation. In that comparison it is already acknowledged. The savings that can be generated through the PPP would have to overcome that hurdle. It is acknowledged that the cost of finance is more expensive.