* In accordance with international best practice, this PPP contract includes detailed provisions that apply in the event of the liquidation of a consortium member, or an entity under the contract, to ensure that the project proceeds to completion.
* The estimated capital value of this contract is c. €100m. To date, the State has made a payment of €4m in respect of off-site works. The State is not obliged to make any further payment until the full works and services set out under the contract are being satisfactorily delivered for each school.
* Under the terms of the PPP contract, in the case of liquidation of a consortium member, or an entity under the contract, the PPP consortium’s funders and remaining shareholders are required to intervene and implement rectification measures to ensure the project is completed to the satisfaction of the State.
* Discussions between the parties to agree these measures are in progress.
* In the event that these parties fail to reach agreement, the PPP consortium’s funders and remaining shareholders are obliged to determine alternative arrangements. The State has no exposure to any additional costs that may arise from this process.
* Every effort is being made to ensure delivery of the schools in as timely a manner as possible.