Thank you very much.
My question for Ms. Ropar deals with the methods of financing that the Infrastructure Bank provides.
Ms. Ropar, you said that you don't do grants. That said, discounts on interest rates for a project are effectively grants. They have a commercial value to them. They transfer public funds to a project. Giving loan guarantees and then having those guarantees cashed in, in the event of a project cost overrun, is effectively a grant. When you guarantee a project and that guarantee is called, then you're granting funds. Do you not worry that what you're effectively doing is providing grants in the most complicated manner and therefore making it actually more difficult for the public to follow what cost the bank is absorbing and what benefit they're getting in return?
As a supplementary to that, is it not just simpler to give a grant and say, “This is what we're contributing, and this is what we're getting”? Taxpayers can be the judge as to whether or not it is a worthy transaction.
Thank you.