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    I happen to know of at least two other non-housing related (IPS's) mutuals in this country that are 100% debt funded, one of which beat off private capital competition to secure Welsh Water for £2bn (Vic, that's quite a bit more than we need for Dover) and now runs an operation that is more efficient than its private capital counterparts in the water industry. The other mutual managed £500 million to finance the set up of Gas supply to N. Ireland. Both these mutuals are doing very well and have funded their acquisitions entirely through the issue of long term investment grade bonds. If we take just a brief look overseas, then the most efficient air traffic control system in the world is also run by a debt bond funded mutual. Just FYI...what DPPT intend works, and works very well.

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