Oireachtas Joint and Select Committees

Thursday, 10 February 2022

Public Accounts Committee

2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 29 - Environment, Climate and Communications
National Broadband Plan Expenditure and Related Matters

9:30 am

Ms Jenny Fisher:

There is another category. When we talk about the 30% of control, it includes the category of voting rights. That is the mechanism through which Granahan McCourt controls NBI. The other thing that is important to point out is that the contract has protections so if there is a change in David McCourt's voting or ownership interest, there is no de minimisthreshold. Any change would require ministerial consent. It is separate from and in addition to the 30%. Similarly, if there was any change in shareholding at the Metalla level - that is the holding company Mr. Hendrick described - that would require ministerial consent. The 30% figure relates to the other shareholding interests.