Jim Walsh (Fianna Fail) | Oireachtas source

I listened carefully to what the Minister had to say in his reply and I readily acknowledge that he was honest in respect of section 2 that it is only enforceable so long as a Government does not decide to repeal it. Therefore, it is meaningless in the context of giving any assurances to the public that this natural resource will remain in public ownership, which is the kernel of what we are seeking. I looked at the wording of the amendment and would question the fact that the security provided for only relates to the shares and that the distribution system parts of the essential infrastructure, the network, the reservoirs, the treatment plants could be transferred, without any reference to the Oireachtas. I ask the Minister to confirm that is in fact the case and, therefore, what we are doing will not achieve as Senator O'Donnell said, namely, a fig leaf under which she could cast her vote.

A more serious scenario is more likely to develop. The Government said that the purpose of the establishment of Uisce Éireann was to attract investment to improve substandard infrastructure by dealing with ageing pipe and treatment systems and I accept this. The aim was to ensure an environmentally sound and sustainable water supply. It is inevitable that to achieve this investment it will be necessary for Uisce Éireann to borrow money on the markets. It is very likely that the security sought by lending agencies in this regard will be securitisation of the revenue stream. The revenue stream controls the business in the event of default.

I commend the Minister on the changes he has made as he was left in an invidious situation on coming into office. He has taken major steps to correct the mistakes made prior to his appointment and has presented a more reasonable package than the previous one. Having said this, the Minister's actions have put the viability of Uisce Éireann under the microscope and lenders will want to ensure that any loans given are repaid. The dangers of default on loans are higher now than under the previous proposals. I am concerned that, despite our efforts in these Houses and the efforts of this and future governments, there is a risk that control of some assets of Irish Water, including the revenue stream, may move elsewhere. The Government may not be capable of stopping this. This is a real fear among members of the public and I ask that the Minister acknowledge these facts because together we can explore a resolution.

I cannot see any way to ensure that Irish Water is not privatised other than by adding such a provision to an article of the Constitution. I am in favour of such a measure but there is a down side as it might canonise a public monopoly that has a bad track record over the 12 months since its establishment. We cannot be sure that the interests of consumers will be at the heart of Irish Water's mission statement. If the Minister can address my points, we can then discuss a resolution.