Results 11,261-11,280 of 20,094 for speaker:Brian Stanley

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)

Brian Stanley: How much will that come to in the full roll-out? I expect Mr. Malone has an estimate for that.

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)

Brian Stanley: Okay. I will revert to the other committee members.

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)

Brian Stanley: There may be another opportunity for questions as some Deputies are tied up in other committees. The Joint Committee on Agriculture, Food and the Marine, and some other committees are meeting now. There may be another opportunity, depending on how many members turn up from the other committees and from the Dáil Chamber. If Deputy Sherlock or any of the other Deputies who are online...

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)

Brian Stanley: Thank you, Deputy Murphy. Deputy Carthy is attending the Joint Committee on Agriculture, Food and the Marine and will be joining us very soon. Anyone else who is online can put up their hand to signal. I will turn back to ask about the finance. Is it correct that NBI made a loss of €70 million in 2020 and would have been running at €70 million in the red?

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)

Brian Stanley: Okay. Is it correct to say that €38 million was paid out to 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)

Brian Stanley: The company made a loss of almost €70 million and paid out €32.5 million to investors that year. Is that correct?

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)

Brian Stanley: Where did the €32.5 million come from?

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)

Brian Stanley: A State subsidy.

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)

Brian Stanley: Am I correct in saying that Mr. McCourt got in the region of €33 million for securing the contract and doing the preparation work?

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)

Brian Stanley: It would be unusual for a company to pay out in excess of €32 million - the figure I calculated was closer to €38 million but let it be €32.5 million - to investors in a year in which the company made a loss of more than double that figure. That would be unusual in a 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)

Brian Stanley: I got that.

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)

Brian Stanley: NBI had no customer income that year.

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)

Brian Stanley: What would "very small" mean?

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)

Brian Stanley: Less than €100,000. There was €32.5 million paid out to investors. The income from customers was less than €100,000 and the company was running at a loss of €70 million in the same year.

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)

Brian Stanley: I am sorry; we are going by the figures quoted here. That is a summation of what Mr. Kelly has just told me.

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)

Brian Stanley: Were the members of the board concerned?

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)

Brian Stanley: No concerns. Okay.

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)

Brian Stanley: The company made a loss of €70 million in 2020. The revenue it brought in from customers was less than €100,000 and it paid out €32.5 million to investors. Those three figures are accurate.

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)

Brian Stanley: I got that.

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)

Brian Stanley: I want to ask Mr. Kelly about the interest rates. He said that 12% is not unusual. It is very high. When this scheme was being devised, loans were being offered at interest rates of 0.25% and 0.5% by the European Investment Bank, EIB, and other sources, and here the State is tied into a contract where 12% interest is being paid out. That is highly unusual. It does not sit right with me...