There’s a lot going on with the NBP at the moment so here’s what we’ve learned just in the last few days: DECC launched, concluded, confirmed and denied a review of the contract all within 72hrs.
There’s a lot going on with the NBP at the moment so here’s what we’ve learned just in the last few days:
DECC launched, concluded, confirmed and denied a review of the contract all within 72hrs.https://t.co/6bcwuCNcsW
— Peter O' Dwyer (@peterodwyer1) December 15, 2021
4 comments
>That review predictably found all was well.
>Which is interesting given that we found out the department had been counting high cost debt provided by NBI’s investors as equity meaning they’d to risk up less of their money to buy shares.
>The question then was whether this had been the plan all along even before the contract was signed, or a very strange departure from that contract since.
>Remarkably, it turns out it was always the plan.
>It’s hard to overstate the significance of that.
>According to the information provided by Min Smyth, the Dept of Communications gave the largest contract in the history of the state to a group of US investment funds and vehicles in exchange for a €2 million equity investment.Meanwhile, NBI has received €167.8 million of taxpayers money for a network rollout that is missing its targets by a country mile.
>In 2020, it received €42.5m in state subsidies and paid €38m out the other end to investors.
>We then revealed today just how much debt they were allowed load onto NBI (@ 12% interest) rather than spending their own money buying shares in it
>Of the €223m they had to invest, €221m can be via expensive debt and just €2m or 1% via share purchase.
Are there any success stories in how our money is spent?
This is fucking scandalous
FFG all over this one.