Ms Michele Connolly:

As I have mentioned, when we looked at the original ownership report, we assessed the gap-funded option against a series of objectives that existed at the time. If we go through the objectives to see which of them still apply, one of the first ones we will see is coverage. It is projected that the option which is on the table now will deliver 100% coverage at speeds of 30 Mbps or above. The second criterion - market effectiveness - assesses whether the option on the table delivers the minimum intervention necessary in the marketplace that leaves it open and transparent and non-discriminatory to any of the retail service providers. The option that is on the table, with the tender we have, delivers that. It offers openness, transparency and certainty of pricing to the retail service providers that might come forward. It intervenes only to the extent that the private sector will not provide services on a commercial basis. The third criterion - assessing whether there was an incentive to invest - involves looking at whether the option ensures that whoever owns the network is incentivised to continue to invest in, repair and maintain the network and to future-proof the network over its lifetime. The bid that is on the table now includes such an incentive within it. The private sector is taking the risk of continuing to invest in the network and to future-proof it over its lifetime. The final criterion I will mention involves protecting the public interest. Various mechanisms within the option that is now on the table seek to ensure the State is protected from bearing further downside risk while being able to share in the upside to this project through the deployment, internal rate of return and terminal value clawback mechanisms.