On 22 November 1990, Premier Bannon wrote a personal letter to the Managing Director of Westpac, Stewart Fowler, guaranteeing government financing of the bridge and in February 1991, Cabinet approved the funding agreement as outlined in the Premier's letter. Initially the government had no liability beyond paying half the cost of the bridge. Unfortunately, Premier Bannon's letter had created an unintended liability for the State government. Not only was the government liable for Westpac's losses if it did not build the bridge but even if the bridge was built and Westpac suffered any losses from stages two, three and four of the marina project, the government was now also liable to cover those losses which could run to hundreds of millions of dollars.