Stephen Donnelly (Wicklow, Independent) | Oireachtas source

The figure of €460 million in the amendment is very big.

The method is complex in that it deals with asset shifting, liabilities shifting in the other direction and liabilities being paid down with the €460 million. It seems to be in contravention of what was promised in terms of assets and liabilities shifting to Irish Water, but maybe I am wrong.

I have three questions on the amendment. On Deputy Cowen's point, can the Minister explain how the €460 million was calculated? Was it on the back of a national inventory audit? Is it expected the full €460 million will be used? Is the €460 million from the Exchequer, as required in the amendment, new funding or money that was already ring-fenced? Will it put an additional charge on the Exchequer? We have an asset with a liability against it. The asset is going to Irish Water and the liability is staying with the local authorities. The Exchequer is giving money to the local authorities to deal with the assets and, presumably, the local authorities will pay down the liabilities in full. Does it mean the loans will be wiped out and the Exchequer will pick up an additional loan of €460 million? To help me and the House understand what is transferring, I would find it very useful if the Minister could walk us through a single, real example.

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