The State should always be the borrower who will get the most attractive terms. There is folklore to the effect that in the early years of the State a large company in Dublin – now a multinational company – lent money to the State. Only the very largest public companies could borrow at levels near to those available to the State. There are other advantages in managing a project by way of a public private partnership. In the case of the schools project, the schools were delivered on time and on budget to a higher specification. I have not seen any of the schools but I am told this by everyone concerned, Opposition Deputies and Senators included. The financial arrangements were more expensive than would have been available to the State. Six schools were to have taken part in the project and one school opted for the traditional approach and decided to wait its turn with the Department of Education and Science. The five schools have been built under the PPP and the sixth school is still in correspondence with the Department. It is likely to be so for some time – without giving away secrets about next year.