TCI currently holds £119 million in debt guaranteed by Her Majesty's Government. Of this, £4 million is due to be repaid in July 2012. The remaining £115 million is due to be repaid in its entirety in February 2016. By building a track record of sound financial management and a significant cash reserve, we expect at this point the TCI Government to refinance their debts without a UK guarantee. The chief financial officer ordinance enables the UK Government to retain sufficient control over the public finances and so protect the interests of the UK as loan guarantor.