In addition to the pre-financial close activity performed by the monolines in producing the asset to be pur-chased by the investors, post-financial close the monolines acted as controlling creditor in these financings, meaning that they took responsibility for monitoring and making decisions regarding the activities of the issuers. As noted earlier, the market has not yet found a substitute for this role and it is impractical for bond-holders to directly make the decisions frequently required in relation to the lender controls that are typical of PPP project financings.