Alan Kelly (Tipperary North, Labour) | Oireachtas source

I outlined the position on loans last night with €150 million to be transferred. Group water schemes, which are the backbone of rural Ireland and which many Members are vocal about, will be exempt from rates. This is critically important because the people running them have worked for decades to provide an adequate water infrastructure for their localities.

Local authorities reflect their asset book value in their accounts in line with local government statutes and, therefore, the 2013 financial statements outline their value. When the assets transfer to Irish Water, they will be shown leaving local authority accounts and showing up in Irish Water's accounts in line with financial standards.

Irish Water paid the bill last year. It was sent a bill like everyone else and it paid approximately €48.725 million. The company paid €15,000 in rates in County Offaly.

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