Fergus O'Dowd (Louth, Fine Gael)
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There have been extensive consultations between the Departments of the Environment, Community and Local Government, Communications, Energy and Natural Resources and Public Expenditure and Reform. The objective of this section is to ensure the full economic interest in Irish Water remains in the State and, as such, the shares are invested in the Ministers for Finance and the Environment, Community and Local Government. However, for the purposes of borrowing from financial markets, it is important that Bord Gáis Éireann can demonstrate it controls the subsidiary. Under this structure, Bord Gáis Éireann will retain one share which will have a nominal value but which will have full voting rights such that the board will have full operational control of the subsidiary.