Full coverage: National Broadband Ireland

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.

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.