Special purpose companies have been used before. The NTMA formed a special purpose company in the late 1980s when the loan books of local authorities were sold off to raise money. A special purpose company was formed under the auspices of the NTMA through which the finance was raised. A SPC would be a limited company with normal memoranda and articles of association and its purpose – a road, bridge, tunnel or whatever – would be set out. The private sector might take, for example, 60% of the company and the NDFA would also take a part. This would allow the SPC to get the optimal financing arrangement for the project.