There were also cases of creative financing, or creative accounting depending on how
one looks at it. Some major investment projects were done through securitization and the use
of special purpose vehicles (SPV) in a way that committed future liabilities did not show up as
public debt. A good example is a project to develop a new government administrative center
in the north of Bangkok. An SPV was set up with nominal paid-up capital, which is more than
50% privately owned so that it was not a state enterprise. The SPV issued bonds to raisemoney to construct and develop the administrative center. These bonds were backed by a
long-term lease given to a government department with guaranteed rental. These rental
payments (stretching to more than 30 years) clearly were committed liabilities of the
government, yet they were not included in the public debt figures.