Dáil Éireann Debate, Tuesday - 22 September 2015
1402. Deputy Michael Healy-Rae asked the Minister for the Environment, Community and Local Government if he will address a matter (details supplied) regarding Irish Water; and if he will make a statement on the matter. [30729/15]
View answerThe Water Services (No. 2) Act 2013 requires Irish Water to seek the consent of the Minister for the Environment, Community and Local Government (and the Minister for Communications, Energy and Natural Resources, the Minister for Finance and the Minister for Public Expenditure and Reform) to borrow money. Following the commencement of Section 35 of the Water Services (No. 2) Act 2013, the Minister for Finance can no longer guarantee any debts of Irish Water and there is no guaranteed debt in issue. Ministerial consent has been provided for loan facilities of €450m with the Ireland Strategic Investment Fund, and in the amount of €710m with commercial banks, with a further €100m pending approval. When this approval is in place Irish Water will have delivered on its 2015 funding plan. In view of the fact that Irish Water has concluded its negotiations with the commercial banks, it has informed me that the weighted average margin on the €810m of facilities with the commercial banks is in the order of 1.5%.
