Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

Senator Ó Clochartaigh is wrong in all three of the points he made. In the first instance, this is not a budgetary matter. We are not discussing the budget. I read Sinn Féin's pre-budget submission. We might discuss the latter at another time, perhaps over a pint in the Dáil bar. What we are discussing here is the contract that was entered into at the time of the bailout in 2010 and the requirement to dispose of State assets, not for the purpose of budgetary reconciliation but rather so that the State can make a contribution to the cost of the bailout programme. Greece and Portugal were required to make similar contributions under their programmes. This is not a budgetary matter.

The Senator pointed out that private sector companies regularly take over loss-making concerns. What is happening in this instance is not a takeover. Mr. Chopra and Co. are not interested in taking over Bord Gáis. They do not have the slightest interest in Bord Gáis. Rather, they are interested in applying a contract that was entered into in 2010 and in ensuring that this country makes a contribution to the cost of its bailout programme. It is not a takeover situation and the latter would not arise in this instance in any event.

I am not privatising Uisce Éireann. Where in the name of God did Senator Ó Clochartaigh get that idea? Rather, I am growing Uisce Éireann as a commercial State company within the Bord Gáis stable. The result of this will be, happily, that more people will be employed in that stable after this event takes place than is the case now. For example, up to 2,000 people will be involved in the installation of water meters. The company will expand its services from there. People in Dublin and in Galway, the city in which the Senator resides, have recently been at the sharp end in the context of difficulties with regard to accessing safe and clean water. As already stated, Irish Water is a company within the Bord Gáis stable.

It is a commercial company designed to increase employment and to do what we should have done a long time ago in regard to the wasting of water and our approach to water conservation and protecting clean water supplies. This city is on a knife edge because during all the years when the country was, to quote a former Tánaiste, "awash with money", we did not invest sufficiently. I am not privatising Uisce Éireann. It will be a State-owned commercial company.