Seán Fleming (Laois-Offaly, Fianna Fail)
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Thank you, Chairman. I welcome all of the witnesses to today's meeting. I would like to ask the representatives of the National Pensions Reserve Fund a brief question about the 2012 accounts, which they signed off on 17 June 2013. Page 7 of those accounts refers to an expected commitment of €250 million to Irish Water as part of that body's establishment costs. Can the witnesses talk me through that arrangement? What was the first point of contact? In what way was it explained that €250 million would be required? Did the Minister issue a direction to that effect, or did the NPRF come up with the idea? I would like the witnesses to talk me through the process. Perhaps they will also make a brief comment on how much interest the NPRF charges and who pays it.