Well, Llywydd, I’m very familiar with the guidelines that the Member has just read out, because in relation to the mutual investment model, that is exactly the position that the ONS have taken. They have provided us with a general view that the model, as we have developed it, would not end up with classification on the public books, but reserve the right, in any particular project that we then take forward through that model—whether it be Velindre or the Heads of the Valleys or whatever it might be—to give us a separate ruling in relation to that project. So, the methodology that Adam Price has read out is exactly the way that the ONS goes about its business.

The Government was satisfied, Llywydd, from the advice that we received, that the risk of classification to the public books of the project as presented to the Government was too great for us to proceed on the basis that that had been set out.