To follow up on Mr. Kellway's line of questioning, I'm trying to wrap my mind around how P3s work.
I think we all understand the basic concepts. What's the difference between a P3 and a government going out and saying to a company, “Build me something turnkey. We'll go in and take it over, and we'll charge whatever rider fees are necessary”, if we're talking about transportation systems. Is it really the idea that with a P3 the government doesn't have to make a big initial outlay of money? Is that the issue? That's sometimes the way it's portrayed, as a method for governments to obtain financing at a time when government budgets are tight and governments are looking to balance budgets, although I'm not sure that makes a real difference because there are all kinds of accounting practices that I suppose can allow you to spread out the costs.
It's sort of the common perception that P3s are great because the government doesn't have to put up all the money right away, forgetting about who's assuming the risk. Could you comment on that?