Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

The Government informed the House on dozens of occasions in the past two or three years, including prior to the establishment of Uisce Éireann, that the new entity would be a stand-alone, commercial semi-State company. While I accept that Irish Water was conceived by the previous Government, the Government gave birth to it and made it its favourite child.

According to the Minister, Uisce Éireann's rates liability will be approximately €59 million per annum. However, the Government proposes to wipe the slate clean and force local authorities which are already starved of funding to carry the company's rates burden.

Last night we learned in respect of the money borrowed from the Housing Finance Agency for investment in water services, that the Minister for Finance would provide €460 million or almost €500 million to pay off this loan. This means that taxpayers will pay off the loan and that the liability will not transfer to Irish Water. As such, assets will transfer to Irish Water, while liabilities will not.

On the basis that Irish Water will not meet the criteria set by EUROSTAT, the Minister decided to create an imaginary water conservation grant.

See this speech in context