It is indeed, and we're all aware that borrowing has a cost to it, and that's exactly what we need to be mindful of. But of course, if it's good enough for local government then I can't see why it isn't good enough for Welsh Government, as long as it's done in the proper way.

Alun Davies reminded us, or questioned the way that Welsh Government has been managing its assets, and I remember, I think, Professor Holtham telling us in committee, and maybe I'm paraphrasing here, that if it's worth more to someone else, and it's not so important to the Welsh Government as an asset, then why not release the value of that to invest elsewhere. Certainly, it's something that I think we need to get better at doing.

And the Minister, of course, is right to say that the Welsh Government has been operating in a very difficult climate, with cuts to the capital budget through austerity meaning that the Government has had to be nimble and creative. But of course the Institute for Fiscal Studies reminded us, or suggested to us in committee this morning, that the increased budget we've seen this year and next year might just be a lull in the storm, so we may need to be just as nimble and creative in future years as well.

I'm very grateful to the Welsh Government for accepting all the committee's recommendations, but of course we don't stand still, do we? There is, I think, a degree of consensus around our report, and that reflects a keenness by Members to be creative but to continuously evolve these models that are open to us. And in that sort of constructive spirit we look forward to continuing to be a critical friend of Welsh Government when it comes to scrutinising capital funding sources. Diolch.