Brian Stanley (Laois, Sinn Fein)
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My first question is on the overall financing of the project. The Minister referred to projected growth but we are also aware of risks including the corporation tax yield from multinational companies and Brexit. The projected growth may not work out. A reply to a parliamentary question tabled by my colleague, Deputy Jonathan O'Brien, on 21 May said that it was estimated that the national broadband plan would cost €200 million in 2021, an additional €200 million in 2022, €200 million in 2023 and so on. The Department estimated that the additional cost of €1.6 billion until the end of the term of the national development plan in 2027.

The Minister said that he intends "to provide the additional capital required to fund the additional cost of proceeding with the project" in his opening statement. That is the context. I assume he is saying that the taxpayer will provide the additional capital. Will he confirm that additional capital will be transferred from the Exchequer to NBI and the private bidder, Granahan McCourt or whatever new name is attached to the entity, if it changes once again, having changed several times in the period since I have followed this project? The Minister needs to clear this up, as I have not heard a convincing answer. One can only spend money once. I have never had €100 or £100 old pounds in my pocket that I was able to spend twice. I do not know of any business, county council or Department that can spend money twice. It can only be spent once. An indicative list of projects will be cut to fund the broadband plan, including roads projects, primary care centres, and schools. Can the Minister confirm that the transfer of money will happen and where he will get it from? He is going to have to do one of two things - to cut the capital projects and forget about them, or increase some form of taxation, whether direct or indirect, but most likely the former.

The Minister has confirmed that Granahan McCourt will only invest €180 million up front in equity capital, which was originally set out in the released memorandums by the Secretary General, Robert Watt,. Many of us, particularly members of the communication committee, thought that it would be at least 50:50. That is €180 million in private equity while the State puts up €2 billion for a project it will not even own. Robert Watt wrote in his memorandum that by 2028 the private operator will have all its moneys paid back while the Exchequer will have paid out almost €2.5 billion. The contract is due to be signed by the end of the year with deployment to begin in 12 months, which is the end of next year, and the full deployment to be finished by 2027. By then Granahan McCourt could have flipped the business and sold itself off. According to the documents we have seen, by then the scheme could be fully rolled out and the entity sold off. Does the Minister believe that represents sound use of public funds? It is very high risk.

The reason for going with the gap funding model - and if I have heard it once, I have heard it a thousand times from the Minster and his Cabinet colleagues - was competitiveness. That competitiveness is gone. An auctioneer who is selling something and finds himself or herself with a gavel in his or her hand and only one bidder does not have the edge.