Dáil Éireann Debate, Tuesday - 25 November 2014
191. Deputy Barry Cowen asked the Minister for Finance the interest payments due per annum on the National Pensions Reserve Fund loan to finance water meters per annum in 2014 and each year from 2015 to 2019; when the loan will be fully repaid and the total costs of the loan. [45397/14]
View answerIn July 2013, in order to meet expected costs arising, Irish Water entered into a €250m bridging loan facility with the National Pensions Reserve Fund Commission (NPRF), which is repayable in September 2015. This facility was part drawn at the end of 2013 and was fully drawn down during 2014. Earlier this month, the NPRF agreed to increase the amount available under this facility to €300m, which has also been drawn down. As the loan facility was entered into prior to the introduction of full water legislation and the water regulatory regime, the facility was guaranteed by the Minister for Finance in accordance with Section 13 of the Water Services Act 2013. Under the terms of the facility, interest and commitment fees on the loan are rolled-up and added to the amount repayable by Irish Water at the end of the loan's term. These rolled up amounts are expected by Irish Water to be approximately €14 million by September 2015. A fee is also payable by Irish Water to the Minister for Finance under the terms of the guarantee provided by the Minister. To date Irish Water has paid €4.8 million with a further c.€5.6 million expected to be paid over the remainder of the loan's term.
The Minister for Finance does not have an estimate of the precise elements of this loan which could be set against the capital cost of the installation of the water meters.
