Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

If that were followed through, all of the risk would fall back on the State. While Mr. Mulligan was speaking, I read through a reply, dated 15 May, to a parliamentary question. It states: "The holding company will be wholly owned by Granahan McCourt Dublin (Ireland) Limited, subject to the Minister's special share". This does not seem to suggest Tetrad Corporation has any ownership of the holding company. I am not being niggly, as this has to do with who is carrying the risk. If the only risk being carried is the initial €175 million of equity, it does not give me much confidence in going to years ten, 12, 15 and onwards. In the memo circulated by the Secretary General of the Department of Public Expenditure and Reform, Mr. Watt, which formed part of the documents that were released he made it clear that all of that money would be paid back to Granahan McCourt, Tetrad or whoever was the beneficial owner within eight years. That would be before many of the people in question had even signed up. I am trying to figure out whether there will be any purpose for Mr. McCourt or his myriad of companies to remain around after year ten, as they will already have got their money. My concern which tends to undermine the reason for following the gap funding model is the State is carrying all of the risk.