Well, I’m very grateful to Mike Hedges for reminding us of some of the history of this. I very well remember that first half of the last decade when the Welsh Government here came under enormous pressure, including from some Labour politicians in London, to follow the PFI line and to borrow money in that way. It was resisted—stoutly resisted—by successive Governments in that decade, and we’re very grateful now that we did, because we would have found a large proportion of our revenue being syphoned off into paying back those debts. There are NHS trusts in England where 25 per cent of their revenue goes on servicing PFI debts before a single pound goes on providing services to patients. We avoided that here in Wales, and it’s partly because we did avoid it that we are now in a position to do something in this field without disastrous revenue hits.

I’m very willing to look at some of the points that have been raised in the statement about bonds and pension funds and so on, so, I’m very happy to return to that. The Member is absolutely right about borrowing rates being at a historic low. I’m not going to be tempted into providing specific rates to him, because we will be in confidential discussions, inevitably, with potential lenders, and the event on 23 March, which I hope a number of Assembly Members might be able to attend, will be the start of that negotiating process.

Can I deal with the issue of future restructuring? To begin with, Dirprwy Lywydd, it is very unlikely that there will be restructuring of the sort we saw in original PFI deals, because they were structured at a time when interest rates were high and then interest rates fell, and you were able to restructure to get a set of windfall profits as a result of that. Because interest rates are at a historic low, that doesn’t seem very likely in the future, but we do have, built into this agreement, that if there were to be any restructuring of that sort, and if there were to be windfall profits, the public sector would take a third of them automatically, and then we would get our equity share of the remaining two thirds, as well. So, if we took an equity stake of 20 per cent, you will get 20 per cent of the two-thirds profits as well. So, we have very deliberately designed this model in a way that defends us against some of the less acceptable practices that were there in those original PFI models.