Thank you very much for raising those issues. I completely agree with the point that you made about prudentially borrowing and the fact that local authorities are able to do so. We had a bit of discussion about this in my recent appearance before the Finance Committee, and I would certainly agree with the points that you and others in Finance Committee have been making on this issue. 

With regards to the bonds, whilst the Welsh Government does have the power to issue those bonds, we have no current plans to do so, because we are able to borrow via the national loans fund, which in general does involve lower interest rates than a Welsh Government bond would attract. The power to issue bonds, though, is important, because it does mean that there is another way in which Welsh Government can borrow in the event that the UK Government did decide to increase our cost of borrowing. 

In terms of the question on the mean rate of return for projects, well, currently we're going out to look for the partners to deliver these projects alongside us, so, much of the detail will be part of the dialogue that we will be having in the near future with interested parties. I will say on the issue of the importance of appointing the director to the boards, we're currently working through the detail of how this appointment might work to ensure that the appointee would have the right skills and the experience to undertake that role, because it is all part of the important way in which we will seek to hold the partners to account in terms of delivery.

A number of people have raised the issue of risk, and we will operate reporting mechanisms that support the Welsh Government public sector to undertake due diligence when concluding contract awards. Our arrangements will help provide early warning of any strategically important suppliers who might be experiencing financial difficulties, and we're also using available intelligence to develop as comprehensive a picture as possible of strategically important suppliers across the Welsh public sector so that we and public sector clients can have a clear understanding of potential exposure of over-reliance on too few suppliers. 

And our procurement policy approaches are intended to develop a diverse, competitive supply base, and ensuring fair business practices that flow throughout those supply chains.