Neither of these is true of the modern notion of the PPP.

Much of the misconception regarding PPPs can be traced to one project . . . NTR's building and operation of the West Link bridge, where the ongoing profits that are being made have left the initial capital building costs far behind.

But whatever people feel about a company profiting from a major piece of infrastructure (and it must be remembered that, at the time, the venture would not have seemed as attractive as it does now), the reality is that the West Link bridge was not a PPP in the true sense of the phrase. Because as true PPP is a structured deal which entitles a private operator to a return on its investment in actually building the thing . . .

but which defines certain limitations, thereby allowing the company to make some money, although not an indefinite amount, before which the asset passes back to state ownership.

An example of this is the PPP which helped to build the National Maritime College in Ringaskiddy, County Cork. The College was designed, built, financed and operated for twenty-five years by focus Education Ltd . . .

thereby delineating a finite time frame for the private sector to generate a return for its endeavour.

It must also be remembered that the first PPP projects in Ireland started small . . . indeed, the first project involved a bundle of five postprimary schools, and was launched in July 2000 (the first school formally opened in early December 2002). But so successful has the model been that it has now been applied across a number of sectors (notably, the roads, but also developments such as the prison project at Thornton Hall or the National Conference Centre at Spencer Dock), delivering major pieces of infrastructure within budget.

For those who believe that PPPs are a means of the private sector lining its pockets with what should be public money, it is important to note that the development of PPPs in Ireland is based on the principles of Social Partnership. For the process to work, there must be a tangible benefit for both parties, and the government is not simply giving away our national infrastructure . . . to begin with, transfer of risk to the appropriate sector is an integral part of PPPs, and the reward to the private sector will only be commensurate with the level of risk taken.

There are also a number of safeguards to ensure that everyone gets value for money. To begin with, a PPP is a form of procurement, and as such it is subject to examination; a business case has to be made for projects; and value for money must be achieved . . . but, most importantly, according to the then Minister for Finance Charlie McCreevy (who oversaw the beginning of the programme), "PPPs are not a means of privatisation by the back door".