I just wanted to pick up on Hugh's point that there are some who believe that it's good to go ahead with a P3 because they won't have to worry about the funding, but in fact that's very much the wrong reason to go ahead with a P3, and we would never encourage that.
When you move ahead with a public-private partnership, the debt obligation is on your books right from the outset. There is no off-book accounting here for P3s in Canada. The reality is that if you don't think you're going to have to pay for it, that reality will come home pretty quickly when you move ahead. All the more reason why it's critically important to understand at the outset the conditions around moving ahead with a P3.
That's one of the reasons we've had such tremendous uptake on the P3 guide; it tries to address some of these issues that have been subject to interpretation. People need to understand clearly what the rules are going forward in order to design and develop a truly “well-architected” partnership that will get the outcomes we're talking about as the derivatives of really successful P3 projects.
Thank you.