Results 8,281-8,300 of 28,162 for speaker:Catherine Murphy

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 (10 Feb 2022)

Catherine Murphy: Is it part of the €2.6 billion?

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 (10 Feb 2022)

Catherine Murphy: Was that spread out across all of the investors, even new investors?

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 (10 Feb 2022)

Catherine Murphy: Do the new investors coming in have to carry some of that cost?

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 (10 Feb 2022)

Catherine Murphy: Going back to the ownership issue, Mr. Hendrick told us Granahan McCourt owns 50.9% of the company?

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 (10 Feb 2022)

Catherine Murphy: The contract states it is controlled by voting rights.

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 (10 Feb 2022)

Catherine Murphy: The threshold is set at 30% of the contract.

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 (10 Feb 2022)

Catherine Murphy: The contract-----

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 (10 Feb 2022)

Catherine Murphy: Okay. That is determined by who holds the necessary investment or who is entitled to the percentage of dividends. We have heard Mr. McCourt has put in €13 million of his own money. I have not heard anything that tells me he owns 30% of the shares. How is that determined?

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 (10 Feb 2022)

Catherine Murphy: That is the company that signed the contract.

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 (10 Feb 2022)

Catherine Murphy: I cannot get my head around the fact that it is determined in the contract that the contract is controlled by who holds the necessary investment or is entitled to a percentage of dividend. I cannot see in the information given to us today how, if it is set at 30%, that ownership is clear.

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 (10 Feb 2022)

Catherine Murphy: I wonder about Oak Hill and its level of investment. It may well satisfy almost the same criteria. It does not make sense to me. It may have as much right to claim control if the level is sent at 30% of shares.

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 (10 Feb 2022)

Catherine Murphy: I will ask a second question but it would be useful to get some sort of descriptor on that, if the witnesses could send it to us. Metalla paid €32.7 million to NBI Bidco. What was that for?

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 (10 Feb 2022)

Catherine Murphy: I am not sure where that money came from. Is this also built into the investors?

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 (10 Feb 2022)

Catherine Murphy: I understand that costs money.

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 (10 Feb 2022)

Catherine Murphy: I reiterate the point that we have a very short period of time so could the witnesses make their replies as concise as possible? We were told this morning that some of the original investors' early stage investors who helped turn NBI from an idea into a reality at a point where there was a degree of unquantifiable risk in the project will be replaced with investors who specialise in...

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 (10 Feb 2022)

Catherine Murphy: Yes.

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 (10 Feb 2022)

Catherine Murphy: With investors?

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 (10 Feb 2022)

Catherine Murphy: I do not want to go into a great amount of detail.

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 (10 Feb 2022)

Catherine Murphy: Essentially, it went out to the market to look for additional investors because some investors were not going to be there for the long haul. We are talking about fairly expensive money here - double digits. The only reason this is of concern is because of the stability of the funding in the future. Does the Department look at the investors who have withdrawn with as much due diligence as...

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 (10 Feb 2022)

Catherine Murphy: But investors have dropped out. NBI told us that.