Minister launches review of national broadband contract

Investors in the NBP were allowed to cut their exposure to the project by having high-interest loans count towards their promised equity investment. The review will examine the ownership structure, equity transactions, high-cost loans and fees withdrawn by investors

David McCourt, the US businessman heading National Broadband Ireland, made equity investments totalling just €2 million in 2020 while also advancing €98 million in high-cost loans to fund the broadband provider. Picture: Claire Wood

The country’s multibillion euro national broadband plan has been placed under review to determine if its investors have complied with the contract terms by putting enough of their own money into the project.

The Business Post can reveal that the ownership structure, equity transactions, high-cost loans, and fees withdrawn from National Broadband Ireland will be scrutinised by government lawyers and accountants.

It comes as a series of recent revelations have raised concerns about the contract ...