Ms Maria Graham:

I was coming to it. In that context, the regulator will look at an opening asset base because that has an impact on what the customer charge would be. In that context, the Minister asked for advice from the regulator, which returned with a number of options around what the opening asset base would be. Largely, the value that would be put on it is related to the liabilities that are associated with the assets. I refer to the unfunded balances and non-domestic debt, not the loans associated with it. That gives the best impact for the customer because otherwise taxpayers and customers would almost end up paying for them a second time over.

There will be a line from local government accounts into Irish Water’s commercial accounts but what I am essentially saying is that they will not have a value in the regulatory accounts so customers will not be paying for that a second time over.