Mr. Seamus McCarthy:

Waterways Ireland is a North-South implementation body created as part of the Good Friday Agreement. Its functional remit is the management, maintenance, development and restoration of inland navigable waterways on the island of Ireland, principally for recreational purposes. It is also the leading provider of greenways across the island. As a North-South body, Waterways Ireland operates under the policy direction of the North-South Ministerial Council and the two Governments. It receives its main funding from the Department of Housing, Local Government and Heritage and the Northern Ireland Department for Infrastructure. Waterways Ireland is accountable to the Northern Ireland Assembly and the Houses of the Oireachtas.

The 2022 financial statements indicate that Waterways Ireland had income of just over €57.8 million in the year. This was up from €50.5 million in 2021. Waterways Ireland received revenue funding of €35.3 million from its sponsoring Departments in 2022. Of this, €30.7 million, or 87%, was received from the Department of Housing and the balance of €4.6 million was received from the Department for Infrastructure.

Capital grants of €14.9 million were received in 2022, of which €13.2 million, or 88%, was received from the Department of Housing. The funding split reflects the distribution between the two jurisdictions of the navigable waterways and capital projects currently under way.

Income from Waterways Ireland's operational activities includes receipts from navigation usage such as permits, winter moorings, lock tolls and dry dock charges and rents. These income sources amounted to €1.35 million in 2022, about 2.3% of the total income.

Waterways Ireland incurred expenditure of €61.4 million in 2022, resulting in a deficit of €3.6 million for the year. This followed a break-even in 2021. The accumulated deficit at the end of 2022 was €7.5 million. The annual report and financial statements are jointly audited by me and the Northern Ireland comptroller and auditor general. We issued a clear audit opinion on the 2022 financial statements.