Mr. Peter Hendrick:

It certainly was not the case. Granahan McCourt Dublin has always been the controlling shareholder under NBI and the structure had not changed. We had informed the media outlet before that was published, but it chose to seek a narrative based on its interpretation or understanding of our annual financial returns even though we explained it, so it has been frustrating. At this point, we share as much information as we can. Obviously, there are confidentiality arrangements with shareholders up the chain. I can give an example. The Irish infrastructure fund, in which Ireland Strategic Investment Fund, ISIF, is an investor, has 24 pension funds in that fund. Although they were party to an investment in Enet, Eircom and other assets in Ireland and I know the team, I do not know what the 23 funds are. I do not know anything about who the investors are in that, under confidentiality agreements. The same applies in any infrastructure project.

That was just one example of the inaccuracies. The other was the bid cost and that the State had somehow paid out money to shareholders. There were inaccuracies there. The State did not pay €32 million. Again, we clarified those inaccuracies, but the headlines did not change. Therefore, what have we done about it? We have tried to explain the corporate structure, the investors' funding, how the project agreement works and how our subsidy flow works whereby we do not get paid until we have achieved certain milestones. There is the contract summary, although it is still a lot of pages. If anything comes up in the future, we are available to support the committee, other Members of the Oireachtas or the media with any questions that arise. We are trying to give a contract summary that shows, if questions are asked about where something is covered in the contract, that it is covered under section 5 regarding governance and controls. The reason we come here as a team is that Mr. Kelly and Ms Fisher are deeply involved every day with regard to subsidy claims, corporate governance, board interactions and the Department interaction. We want to be as transparent as possible.