Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

The position is that the commitments in relation to equity will be contractualised in advance of contract award. Any committed funding that has not been drawn down by National Broadband Ireland at financial close will require a guarantee in a form that is acceptable to the Department. The Department will have a legally enforceable contract in relation to the equity that has to be provided. That equity will be rolled into the company and all of it must be in the company before any equity could be withdrawn or returns made.

In terms of the €2.4 billion, the Deputy is correct that the company is exposed to the full risk of funding the investment right out to the 25 year period and while the State's commitment is capped, the company has no such capping. The company not only has to provide that initial equity of €175 million and the working capital of €45 million but it is also exposed to the risk that if any of the projections do not materialise, it could have to make additional equity investments.

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