Dáil Éireann Debate, Tuesday - 11 November 2014
492. Deputy Michael McGrath asked the Minister for the Environment, Community and Local Government if Irish Water has undertaken any commercial borrowing to date; and if he will make a statement on the matter. [42852/14]
View answerSection 12(b) of the Water Services Act 2013 provides that Irish Water may borrow money for the purposes of carrying out its functions under the Act but before borrowing any money the consent of the Minister for the Environment, Community and Local Government, the Minister for Finance, the Minister for Communications and Natural Resources and the Minister for Public Expenditure and Reform is required.
Consent for Irish Water to enter into a two year €250m bridging loan facility with the National Pensions Reserve Fund was provided in July 2013 and this loan agreement was recently extended by €50m to €300m by further Ministerial consent. Ministerial consent was also given to Irish Water to enter into an overdraft facility with the Bank of Ireland in the amount of €50 million on 8 October 2014.
