On most projects, the value to the Bank of a Financial Internal Rate of Return (FIRR) calculation is doubtful and is no longer a compulsory part of EIB project appraisals. However, on PPPs, particularly those where the Bank is on-risk during the operational phase, the financial viability of the project is an important element in the overall risk analysis : measured primarily by the equity IRR, rather than the FIRR. The highest FIRRs were found in two toll motorways, which reflects the high real domestic interest rates at the time of construction. Otherwise the higher (ca. 10%) FIRRs were generally found in new PPP markets.