Ossian Smyth (Dún Laoghaire, Green Party) | Oireachtas source

The Deputy asked how I can politically stand over it. I can politically stand over it because it will bring huge, tangible benefits all around the country. It is a fantastic project and it is comparable with rural electrification. If people want a home in Ireland nowadays, they want to know that they have home heating, running water, electricity and broadband. All of those will be available. It is a basic service that allows for a better quality of life. That is why I am happy to stand over it. Regarding investors and the complex structure, the financial structure of the company has not changed since the contract was signed. It is a matter of public record. It is right that people examine it and ask questions and query it, but the main investors continue to be Granahan McCourt, Tetrad Corporation, Oak Hill Advisors, Twin Point Capital and shareholders from the management team of NBI. Consent from the Department needs to be requested to make changes to that structure. That structure was put in place in 2019 and it has not changed.

The Deputy has said that these companies are capitalists, investors in short-term debt, that they are linked with hedge funds and so on, and I am sure that is all true. That is what the system is when a private company does work for the State. It has private investors that are trying to make a profit. At the same time, it cannot make that profit unless it connects everybody to rural broadband in Ireland. That is what the terms of the contract state.

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