Despite the tone of last week’s lead story (“Refurbished colleges face pound;1bn debt”), the college capital investment programme is a real success story for FE, with employers, students and wider communities benefiting from the new high-quality buildings being delivered on time and on budget.

The National Audit Office report rightly identifies some areas for improvement and the risks associated with capital projects of this type. But, with the right support, we are confident that colleges can manage this risk and complete the programme by 2013.

The fact that banks are prepared to invest in the sector with such confidence is a sign of colleges’ credit strength.

Martin Doel, Chief executive, Association of Colleges.