Full coverage: Infrastructure

New financial information adds complexity to the structure of loans advanced by investors in National Broadband Ireland, whose chairman David McCourt is now separately borrowing against related assets.

The government has been at pains to answer questions from the opposition on the capital structure of National Broadband Ireland. Misrepresentation of The Currency’s reporting did not help clarify matters.

The financial details and the appointment of corporate restructuring advisors revealed by The Currency this week raise serious questions about the future of the National Broadband Plan. They could have been addressed earlier if the project was not so opaque.

After three days of revelations on its finances, National Broadband Ireland is set for a restructure as the firm of its chairman David McCourt appoints an international investment bank to explore a new capital structure.

Before National Broadband Ireland delivered its first connection, it started spending money on another priority: Payments to companies controlled by its own investors.

Despite repeated government pronouncements that private investors in the National Broadband Plan would inject their own money first, after one year they had provided just half of the amount promised – and charged hefty interest for it.

The finances of National Broadband Ireland unveil its true ownership, the narrow commitment of its backers and its initial spending priorities – all different from government promises before the €3bn contract was signed. In the first instalment of a three-part series, we investigate its shareholders.

Analysis of official traffic data and results from private toll road operators paint a grim financial picture. Another private operator is in serious financial trouble, while the taxpayer is shouldering most of the sector’s continuing pandemic burden.

DirectRoute lost €8.4m in toll revenue from Cork and Limerick motorways last year as travel restrictions hit traffic. Taxpayers have covered more than half of it for the benefit of its overseas investors.

The N25 motorway toll features a spectacular toll bridge over the River Suir in Waterford. Loss-making and underperforming from the start, it is now being acquired by two of its secured lenders. So, just what happened?