Ann: AGM 2011 Presentation , page-14

My understanding from discussions I had after the AGM was that it was only on the basis of certainty that the Bank/IGR got a 9% interest rate. It was also clear in these discussions that the loan and the complete hedge were intertwined. The banks also had to take a significant risk in that if IGR were unsuccessful (e.g. did not/could not build the plant or the resource wasn't there) the banks had little asset to fall back on (i.e unlike a mortgage on a house, a hole in the ground is not a valuable asset).