First of all I would just mention that in no way do we think that social finance or SIBs will inherently replace the existing structure. They are simply meant to be an additional source of capital influx into the system, and they're a way to test new, innovative projects and ideas. If there's a service agency that already has a clear and consistent proven track record that is already funded primarily by the government, continue to do that. We in no way think it would be appropriate to insert a social impact bond there. If that particular organization that already has a proven track record is interested in scaling up their program, if they're interested in doing something new, innovative, slightly risky that they haven't tried before, where it's a more difficult population that they're entering into, working with, that is the space in which a social impact bond can be a great tool to take the risk away from government as they look to finance a new and innovative program.
On May 29th, 2014. See this statement in context.