Paul Murphy (Dublin South West, Anti-Austerity Alliance)
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The NewERA paper is quite significant to our work. One will remember that, at a certain stage, the off-balance-sheet argument became a really key one for Irish Water. The objective in being off balance sheet was to allow borrowing that would not appear on our books under the fiscal rules and so on. The former Minister Deputy Alan Kelly said when Irish Water had failed the EUROSTAT test that it had had no impact whatsoever, but it obviously does.

I am following up on the main point, at which Deputy Barry Cowen was getting. As it stands, according to NewERA, the additional cost on a yearly basis of Irish Water borrowing with what is effectively a failed off-balance sheet mechanism is €13 million to €15 million. The main benefit that was meant to accrue from that model was that the borrowing would not appear on our books under the fiscal rules.