I guess I'd say yes, there was a problem, in that they didn't transfer the risk the way a P3 does. In some ways we're making this distinction as if they're completely different beasts. They are different contracts, so yes, there was a problem.
I think there's also a problem of incentives. Under the traditional delivery model there isn't an incentive for a contractor to try to get the job done a year earlier or to contain costs. When they bid a precise schedule and they borrow money to do that, and they have banks or life insurance companies watching the project, there's a strong incentive for them to get the project done as quickly as possible and to hand it over to the public sector.