Denis Naughten resigned as minister for communications last month
It found that: "The fact that the former minister met Mr McCourt or representatives of the other bidders outside the process is not in and of itself a basis for the finding that the procurement process has been tainted.
Mr Smyth said that he was "satisfied that neither the former minister nor Mr McCourt had the opportunity to influence the conduct of the tender process in favour of Granahan McCourt or otherwise.
"I also believe that the decision of the former minister to resign, thereby removing himself from the process insulates the process from any apparent bias created by his engagements with Mr McCourt."
Mr Smyth says the absence of formal minutes or meeting notes for a number of encounters meant he was reliant on statements from Mr Naughten and Mr McCourt and others for verifying the contents of the meetings.
"I cannot unequivocally state that State-led intervention under the NBP was not discussed at the meetings between the former minister and Mr McCourt outside the procurement process."
The report found that the communications protocol for the procurement process "does not expressly prohibit engagements between the bidders (or individual members of a bidding consortium) and the Department of Communications.
"Any such prohibition would have been impracticable in the context of the department's ongoing work outside of the procurement process.
"The requirement set out in the protocol is that engagements related to the procurement process for State-led intervention under the NBP themselves were subject to the protocol.
"Therefore, the fact that the former minister met with Mr McCourt (or representatives of the other bidders) outside of the process is not in and of itself a basis for finding that the procurement process has been tainted."
Political reaction to report
Former minister Denis Naughten has said the review confirms what he said himself at the time of his resignation.
He said he had not breached any aspect of the protocol by meeting Mr McCourt and had not influenced the tender process in any way.
In a statement this evening, Mr Naughten appealed to Dáil deputies not to make the matter a political issue for their own ends.
The Minister for Communications said he believes the process to issue a tender for the NBP can withstand any potential future legal challenge.
Speaking on RTÉ's Drivetime, Richard Bruton said he is satisfied with Mr Smyth's review.
He said the assessment of the Granahan McCourt bid is continuing and issues such as value for money and governance have to be considered.
Mr Bruton said he hopes to bring that assessment to Government within weeks.
On reports the plan could cost up to €3 billion, Mr Bruton said: "until this process is over and we have made a decision on a tender there is no question of considering alternatives."
Earlier, Mr Bruton told a news conference following the publication of the review that the decision of his predecessor, Denis Naughten, to resign was the correct one.
Mr Bruton said report author, Peter Smyth, was clear that "having side meetings in a tender process that haven't been minuted ... could give rise to concern that there was a separate engagement between one of the bidders and the minister".
Taoiseach Leo Varadkar welcomed the report and said he expects a final decision on the remaining tender, which is being evaluated, within the coming weeks.