Oireachtas Joint and Select Committees

Thursday, 6 November 2025

Public Accounts Committee

Financial Statements 2024: Uisce Éireann

2:00 am

Mr. Chris McCarthy:

We have strong governance systems overall. Any project that we do is managed very well. From that perspective, we have not had any issues.

Within our financial reports, we have a write-down number of €7.4 billion right across our estate of €8.8 billion but that is required under IFRS requirements where we have to do an impairment review annually and then bring it into the financial statements. That was across 40 projects, mainly not ICT related with the exception of one. If I was to say one, it was not even, I would say, an ICT type but was around the modelling of weather data because, obviously, given our nature, we have a huge requirement to understand forecast weather patterns, rainfall, drought conditions, etc. We were using the information that was available from Met Éireann. However, Met Éireann, we believe, is now doing up its system and we are going to get further information. As a result of that, we have paused that project. We have actually written down the cost - it was less than €50,000 - but in the event that we need it down the line, we can go back to it when we understand what information Met Éireann now makes available to us.

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