Barry Cowen (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Minister for his response. I had thought the Taoiseach, if not the Minister, had informed the House some months ago that the delay in the CSO proposal to EUROSTAT meant any decision by EUROSTAT would not be forthcoming until June. Now the Minister is saying it will be June at the earliest and may be some months thereafter. Can he confirm to the House that for a €300 million loan Irish Water has taken out in the marketplace, it is paying 150% more than the NTMA is currently paying on behalf of the Government? I believe that, while the Government may be borrowing at 1%, Irish Water may be borrowing at 2.5%. That would seem to defeat the purpose of the mechanism by which the construct was put in place in the first instance, in terms of the cost to the taxpayer. Ultimately, the cost will be borne by those who avail of the water services.

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